Riot Platforms acquires Kentucky-based Block Mining for $93M, enhancing its U.S. mining capacity and expanding its energy market reach.
Riot Platforms, a leading American Bitcoin mining company, has announced the acquisition of Kentucky-based mining firm Block Mining in a deal valued at $93 million. This strategic move aims to enhance Riot’s mining capabilities and expand its operational footprint within the United States.
Key Points:
Acquisition Details:
Riot Platforms acquires Block Mining for $92.5 million.
The deal includes $18.5 million in cash and $74 million in Riot’s common stock.
An additional $32.5 million is possible based on performance through 2025.
Immediate Impact:
The acquisition adds one exahash per second (EH/s) to Riot’s self-mining hashrate.
Expands Riot’s presence beyond the Electric Reliability Council of Texas (ERCOT).
Expansion Plans:
Block Mining’s Kentucky sites have a capacity of 60 megawatts (MW), expected to expand to 110 MW by the end of 2024.
Potential development of an additional 60 MW, with a further expansion to 150 MW.
Strategic Advantages:
Diversify Riot’s operations geographically.
Provides a pipeline for Kentucky operations to scale to over 300 MW.
Riot’s Growth Targets:
The acquisition accelerates Riot’s path toward a growth target of 100 EH/s.
Additional Context:
Riot’s recent surge in hashrate enabled the mining of 255 BTC in June.
Ongoing efforts to acquire rival mining firm Bitfarms for $950 million.
A legal dispute with former joint venture partners over a U.S. mining operation.
Riot Platforms’ acquisition of Block Mining marks a significant step in expanding its U.S. mining operations and increasing its hashrate. This strategic move positions Riot to diversify its energy market exposure and scale its operations significantly, aligning with its ambitious growth targets.
Source: Cointelegraph
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