Riot Platforms Acquires Block Mining for $92.5M
The post Riot Platforms Acquires Block Mining for $92.5M appeared on BitcoinEthereumNews.com.
North American Bitcoin mining firm Riot Platforms has now revealed that it has agreed to buy Block Mining in a deal worth $92.5m. This strategic move is to boost Riot’s mining operations as well as its standing in the Bitcoin mining industry. Riot Platforms’ Capacity and Geographic Reach The acquisition of Block Mining involves two operational sites in Kentucky with a current capacity of 60 Megawatts (MW). Based on the current power purchase agreements, this capacity can increase to 110MW this year. The deal will add to Riot’s operational capacity and allow up to 300MW across the three sites with the signing of more power purchase agreements. “The acquisition of Block Mining marks a significant milestone for Riot as we continue to expand our growth pipeline,” said @JasonLes_, CEO of Riot. “This transaction allows us to diversify our operations nationally and accelerate Block Mining’s expansion in Kentucky. With a… https://t.co/vlt648TLDo pic.twitter.com/M2B2GyyyzL — Riot Platforms, Inc. (@RiotPlatforms) July 23, 2024 Riot Platforms made a cash payment of $18.5 million and issued $74 million in common stock to complete the acquisition. Block Mining is also eligible for an additional incentive of up to $32.5 million through 2025 subject to the accomplishment of certain milestones related to these expansion plans. Riot Platforms Market Position The acquisition will boost Riot’s plans to improve its infrastructure and overall operational effectiveness. Presently, Riot has a self-mining hash rate of 22EH/s, which puts the company at the forefront of Bitcoin mining in the United States. With this acquisition, Riot’s hash rate is expected to grow, and it is projected to reach 31 EH/s by the end of 2024. The deal also bolsters Riot’s capacity while enhancing its geographic spread and operational capacity beyond the Electric Reliability Council of Texas (ERCOT) market to the Midcontinent Independent System Operator…
Filed under: News - @ July 25, 2024 12:24 pm