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Rhodium Accused of Causing $26 Million in Unpaid Fees

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Riot Platforms, a cryptocurrency mining company formerly known as Riot Blockchain, has filed a lawsuit. against Rhodium Projects, a bitcoin Miner based in Texas. tries to collect more of $26 million in Mining facility fee allegedly unpaid.

Rhodium Enterprises was the subject of Petition filed with Milam County Court in Texas on May 2, seeking to collect “more of $26 million” and be compensated for Any bills that may have been spent.

By quarterly financial a report for Riot platform for period ending March 1, 2023, which is issued on May 11, Rhodium is said to have breached its contract with Riot by not paying for hosting and connected service with Using Whinstone’s bitcoin Mining facilities, a wholly owned subsidiary of riot.

Additionally, Riot has asked for permission to terminate “certain hosting agreements.” with rhodium, and it is suggested that he be excused from paying any due power Credits on stop.

Rhodium has been notified on May 8 through May 30 to respond to the allegation. the report also It revealed that Riot had mined 2,115 bitcoins in the first quarter of 2023, a.p rise of 50.5% compared to first quarter of 2022.

Riot is not part of Banks’ saga

It was confirmed that Riot was not connected to the latest round of bank failure.

We do not have any banking arrangements with Silicon Valley Bank, Silvergate Bank, or First Republic Bank and all of them of our cash And cash The equivalents are currently detained with number of last financial institutions. “

Riot report

Riot predicts that cryptocurrency mining companies will continue to experience difficulties in 2023 due big price decline of bitcoin and others national And global macroeconomic factors.

It has been noted that Riot’s “relative stance”. in Industry, in In addition to “fluidity and absence” of long-term debt”positioning it well to ‘capitalize’ from this merger”.

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