BTC miner Rhodium faces lawsuit over alleged $26M in unpaid fees: Report

Crypto mining company Riot Platforms– previously Riot Blockchain– has taken legal action against Texas-based Bitcoin (BTC) miner Rhodium Enterprises to recuperate “more than $26 million” in supposed unpaid mining facility fees.According to Riot Platforms Q1 2023 monetary report published on May 10, Rhodium supposedly breached its contract with Riot by failing to pay hosting and service charges associated with using Whinstones Bitcoin mining centers, a completely owned subsidiary of Riot.A petition was filed against Rhodium Enterprises on May 2 in the Milam County Court in Texas, seeking to recuperate “more than $26 million” and be compensated for any legal charges incurred.Furthermore, Riot asked for consent to terminate “certain hosting arrangements” with Rhodium and proposed to be exempt from paying back any outstanding power credits upon cessation.Extract of Riot Platforms quarterly report for the period ended March 31.” Rhodium was served on May 8, with a deadline to react by May 30, according to the report.Related: Complaint filed versus Compass Mining for losing BTC mining makers strikes snagMeanwhile, the report also exposed that Riot had actually mined “2,115 Bitcoins” in Q1 2023, a boost of 50.5% over Q1 2022.” Riot expects that crypto mining business will continue to experience difficulties in 2023 due to the “significant rate decline of Bitcoin” and “other nationwide and international macroeconomic factors.

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