Riot Platforms has purchased Block Mining, a Bitcoin mining company in Kentucky, for $92.5 million in cash and stock. This acquisition will boost Riot's operations, adding 60 megawatts of capacity with plans to reach 110 MW by year-end. The deal instantly increases Riot's self-mining hashrate by 1 E/Hs. With aims to expand the Kentucky site to 300 MW by 2025, Riot could achieve a hashrate of 16 EH/s by December 2025. CEO Jason Les sees this move as a way to diversify operations and accelerate growth. The $92.5 million transaction involved $18.5 million in cash and $74 million in Riot's stock, based on the stock's average price. Block Mining may receive up to $32.5 million in additional payments through 2025. This acquisition aligns with Riot's strategy to expand and compete with companies like Bitfarms in the crypto mining sector. Read more AI-generated news on: https://app.chaingpt.org/news
Riot Platforms Acquires Block Mining in $92.5 Million Deal
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