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

Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (

The report also emphasized Riot’s growth in mining operations, stating that it had mined “2,115 Bitcoins” (BTC), representing an increase of 50.5% from the number of Bitcoins mined during the first quarter of 2022.

Furthermore, stakeholders were provided reassurance in the report that Riot does not have any affiliations with the banks that have experienced collapses in recent times. It noted:

“We did not have any banking relationships with Silicon Valley Bank, Silvergate Bank, or First Republic Bank, and currently hold our cash and cash equivalents at multiple banking institutions.

Riot anticipates that Bitcoin mining companies will continue to experience significant challenges due to the significant price decline of Bitcoin and “other national and global macroeconomic factors,” as the industry saw in 2022.

It was stated that given Riot’s “relative position” in the industry, “liquidity and absence of long-term debt,” it is positioned to “benefit from such consolidation.”

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