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HomeBTCRiot files lawsuit against Northern data over Texas mine acquisition

Riot files lawsuit against Northern data over Texas mine acquisition

According to a September 21 media report, Riot, a bitcoin miner, has filed a lawsuit against Northern Data over the Texas site it purchased from them last year.

Northern data lawsuit and riot

Northern data
Northern data lawsuit and riot

As per the news platform, the lawsuit, which was launched on September 7, asserts that Northern Data owes Riot $114 million and that the German firm failed to report liabilities totaling $84 million to a third party.

A clerk confirmed the existence of a case relating to the two firms at the Court of Chancery Courthouse in Delaware, but no other information was provided.

Riot announced in April of last year that it had agreed to pay $651 million to acquire Whinstone. According to the deal, Riot would give Northern Data a 12% stake in exchange for $80 million in cash and the remaining amount in shares.

The Riot CEO said, “Riot will fully own the largest Bitcoin mining facility in North America, with extremely low power costs, and one of the best development teams in the sector.” Since then, the company has been developing the location, and it stated in August that it hoped to achieve 400 megawatts by the first quarter of 2021.

A Riot representative said that at the current time, the corporation will not provide any comment. An inquiry for comments was not immediately answered by norther data firm.

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