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CryptoIntelligence 2024-09-07 14:46:54

BTC Mining Firm Riot Platforms’ Reserves Surpass 10,000 Bitcoin

Riot Platforms, a prominent Bitcoin (BTC) mining company, has disclosed that its holdings now surpass 10,000 Bitcoin, marking a 37% increase from the previous year. Despite this growth, the company experienced a 13% reduction in Bitcoin production in August 2024 compared to July, reflecting wider challenges within the industry. Bitcoin mining firms have faced profitability issues following the Bitcoin network’s halving event in April, which reduced the mining reward from 6.25 BTC to 3.125 BTC per 210,000 blocks. This, coupled with rising energy costs, has pushed miners to consider diversifying their operations into more energy-intensive sectors like data centers and

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