According to Riot Platform’s first quarter 2023 financial report, Rhodium breached its contract with Riot by failing to pay for services related to the use of bitcoin mining capacity at Whinstone, a subsidiary of Riot.
Riot filed a lawsuit against Rhodium Enterprises back on May 2 in Texas’ Milam County court seeking more than $26 million.
In addition, Riot has requested permission to terminate “certain agreements” with Rhodium.
“Because the litigation is at an early stage, we cannot assess the likelihood of an unfavorable outcome,” Riot’s lawyers explained.
The report showed that Riot mined 2,115 bitcoins in the first quarter of 2023, a 50.5% increase over the first quarter of 2022.
Riot Platforms is a mining company that has its main operations in Texas. A subsidiary of Whinstone U.S.. is the largest miner in North America in terms of capacity, which reaches 750 MW.
Texas lawmakers are considering a bill to eliminate tax breaks and subsidies that currently support the expansion of mining businesses.