Key Takeaways:
- Riot Platforms acquires Block Mining for $92.5 million, enhancing its self-mining hashrate by one exahash per second.
- The acquisition expands Riot’s energy market presence beyond Texas into Kentucky, with plans to increase capacity from 60 MW to 110 MW by the end of 2024.
- Riot’s strategic expansion includes pursuing a $950 million takeover of Bitfarms, indicating aggressive growth in the Bitcoin mining sector.
Riot Platforms, a leading Bitcoin mining company, has acquired Block Mining in Kentucky for $92.5 million, comprising $18.5 million in cash and $74 million in stock.
The deal, announced on July 24, includes potential additional payments up to $32.5 million based on performance through 2025.
Very proud and excited to announce @RiotPlatforms’ acquisition of Block Mining. This transaction brings on new capacity immediately and will diversify @RiotPlatforms’ operating footprint with a proven management team to build and operate new capacity as we work hard towards our… https://t.co/MdxbaE9Dj5
— Jason Les (@JasonLes_) July 23, 2024
This acquisition will immediately boost Riot’s self-mining hashrate by one exahash per second and expand its presence in U.S. energy markets beyond Texas.
Block Mining operates two sites with a total capacity of 60 megawatts (MW), which Riot plans to expand to 110 MW by the end of 2024, with potential further expansion to 150 MW.
Bitcoin mining firm Riot Platforms acquires Block Mining in $92.5 million deal to expand operations https://t.co/37w0SCKvrZ
— The Block (@TheBlock__) July 24, 2024
Riot CEO Jason Les emphasized the strategic advantage of diversifying operations, while Block Mining CEO Michael Stoltzner highlighted the benefits of tapping into Kentucky’s energy markets.
Riot also experienced a significant increase in its hashrate in June and is pursuing a $950 million takeover of Bitfarms.
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