Riot subsidiary Whinstone US sues former JV partner over revenue flow
The partners at the Texas facility had troubled relations almost from their start in 2020.
Crypto miner Whinstone US has sued its private equity partners in a joint mining venture after their deal at the largest mining facility in the United States fell apart. This is the latest volley in a troubled relationship that has already featured lawsuits and actions by armed security forces.
Whinstone US has sued three companies and their executives, accusing them of fraud, conspiracy and securities violations for diluting its revenue from a joint venture that mines Bitcoin at the Rockdale, Texas facility. The suit was filed in the Tarrant County 153rd District in Texas.
The joint venture (JV), called Rhodium, was originally formed in 2020, between Whinstone US and Delaware-registered Imperium. Under a series of hosting agreements, Whinstone US supplied the JV with up to 130 megawatts of power at a discounted rate, while Imperium provided infrastructure at Building C of the facility.
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Author: Derek Andersen
