Riot Platforms sues Rhodium for a $26 million outstanding payment

Riot Platforms (formerly Riot Blockchain), a cryptocurrency mining platform, has launched a lawsuit against Texas-based Bitcoin miner Rhodium Enterprises to recover “more than $26 million” in allegedly unpaid mining facility fees.

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According to Riot Platform’s Q1 2023 financial report released on May 10, Rhodium allegedly breached its contract with Riot by failing to cover hosting and service charges linked to utilizing Whinstone’s Bitcoin mining capabilities (a fully owned subsidiary of Riot).

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Rhodium Enterprises was sued in Texas’ Milam County Court on May 2 for “more than $26 million” in addition to compensation for attorneys’ fees.

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Riot further advised against being required to repay any unused power credits following the expiration of “certain hosting agreements” with Rhodium.

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