What's Going On With Riot Stock Monday

Riot Platforms, Inc. RIOT stock is trending on Monday. The company launched its ABetterBitfarms website Monday and last week released its Production and Operations Updates report for June.

What To Know: The launch of website is apart of Riot’s efforts to call a special shareholders meeting for Bitfarms BITF to reconstitute the company’s Board of Directors.

Riot has already chosen three nominees for the board. These nominees would be voted on at the shareholders meeting and shareholders could have the chance to vote on the removal of current board members.

The goal of the website is for Bitfarms’ stakeholders and employees to share their perspectives and learn more about Riot’s efforts to elect board members with a novel perspective.

In Riot’s production and operations update, the company reported it added 7.3 EH/s to its Corsicana Facility Buildings A1 and A2. Previously, Riot set its hash rate goal for the 2024 fiscal-year second quarter at 21.4. With this new addition, Riot has achieved its goal and brought its total capacity to 22 EH/s.

Riot expects to achieve a total hash rate capacity of 31 EH/s by the end of the year. In addition, for June, the company produced a total of 255 Bitcoin BTC/USD. On Friday, the company’s stock dipped as the price of Bitcoin fell below $56 thousand. Bitcoin is now trading above $56 thousand and Riot shares are trading higher compared to Friday morning.

Lastly, the company announced additional transparency regarding its power strategy. Specifically, Riot will start releasing monthly reports that include its cost of power and net of power credits.

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RIOT Price Action: At the time of writing, Riot stock is trading 2.08% lower at $9.44 per data from Benzinga Pro.

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