Riot Platforms, Inc. ( RIOT ) announced on Tuesday that it acquired one million common shares of Bitfarms, about 0.22% of the total shares.

The Details: Before the purchase, Riot owned approximately 18.68% of the common shares and after this transaction will own 18.90% of issued shares.

What Else: Last week, Riot released its Productions and Operations Update for July 2024. The company announced that it produced 370 Bitcoin (CRYPTO: BTC) in July compared to 255 Bitcoin in June.

Its total hash rate for the month was 23.3 EH/s and its average operating hash rate was 15.5 EH/s. This represents an increase in both average hash rate and total hash rate from June. The company reported an average hash rate of 11.4 EH/s and a total hash rate of 22 EH/s for June.

“During July, Riot also announced the acquisition of Block Mining, a vertically-integrated private miner operating in Kentucky. From this acquisition, Riot immediately added 1 EH of self-mining capacity and will begin to add additional hash rate based on already available capacity at the newly acquired Kentucky facilities,” said Jason Les, CEO of Riot.

“Work to expand into the power capacity available is underway, and we anticipate reaching 5 EH/s of hash rate capacity in Kentucky by the end of this year.”

Lastly, the company anticipates achieving a total self-mining hash rate capacity of 36 EH/s by the end of 2024.

Related Link: Bitcoin Miners Expand Capacity As Network Hashrate Hits New Record Despite Recent Price Drop

RIOT Price Action: At the time of writing, Riot Platforms ( RIOT ) stock is moving 2.68% lower at $7.63, according to data from Benzinga Pro.

Image: Photo via Shutterstock