Riot Platform, a prominent player in the Bitcoin mining industry, has announced the acquisition of Kentucky-based mining firm Block Mining for a total consideration of $93 million. The deal involves a cash payment of $18.5 million and the issuance of $74 million worth of Riot's common stock.
This strategic move aims to bolster Riot Platform's mining capabilities and expand its footprint in the United States. The acquisition is expected to immediately add one exahash per second to Riot's self-mining hashrate.
By acquiring Block Mining, Riot gains access to additional energy markets, diversifying its operations beyond the Electric Reliability Council of Texas (ERCOT). This expansion positions Riot as a major force in the Bitcoin mining industry, enhancing its ability to generate Bitcoin and increase shareholder value.
The acquisition comes as the cryptocurrency market continues to evolve, with mining companies playing a crucial role in securing and validating blockchain networks.
July 2024, Cryptoniteuae