According to TechFlow, Bitcoin mining company Riot Platforms announced on Tuesday that it would acquire Kentucky-based Bitcoin miner Block Mining for $92.5 million in an effort to expand its mining business.
The acquisition will immediately add 60 megawatts of operational capacity, and Riot plans to expand Block Mining’s two sites to 110 megawatts by the end of 2024, bringing Riot’s total potential power capacity to 2 gigawatts.
Riot CEO Jason Les said the deal enables the company to diversify its business across the country and accelerate Block Mining's expansion in Kentucky. The acquisition consideration includes $18.5 million in cash and $74 million worth of Riot common stock. Riot disclosed in a filing earlier this month that it mined 255 bitcoins in June, down from 460 in the same period last year, which is in line with expectations after the Bitcoin halving event in April.
