Bitcoin Giant Riot Platform Acquires Kentucky Miner Block Mining for $92.5 Million

IconCryptoNewsTerminal Staff23 Jul, 2024

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Bitcoin Giant Riot Platform Acquires Kentucky Miner Block Mining for $92.5 Million

Riot Platform (RIOT), a leading American bitcoin miner, has acquired Block Mining, a Kentucky-based mining company, for $92.5 million. The deal includes $18.5 million in cash and $74 million in Riot common stock. With the acquisition, Riot has immediately added 60 megawatts (MW) of mining capacity to its operations. By the end of the year, Riot plans to increase the capacity of the Block Mining facility to 110 MW, bringing the company's total capacity to over 2 gigawatts (GW). The acquisition is a strategic move for Riot as it expands its mining operations and consolidates its position in the bitcoin mining industry. The company's goal is to become one of the largest bitcoin miners in the world.

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