{"id":25705,"date":"2024-07-24T13:00:40","date_gmt":"2024-07-24T10:00:40","guid":{"rendered":"https:\/\/coinengineer.io\/?p=25705"},"modified":"2024-07-24T10:30:44","modified_gmt":"2024-07-24T07:30:44","slug":"riot-platforms-acquires-block-mining-for-92-5m","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/riot-platforms-acquires-block-mining-for-92-5m\/","title":{"rendered":"Riot Platforms Acquires Block Mining for $92.5M"},"content":{"rendered":"<p>In order to increase its mining activities, Bitcoin mining company <strong>Riot Platforms<\/strong> today bought Block Mining, a Kentucky-based bitcoin miner, in a $92.5 million deal.<\/p>\n<p>According to a Tuesday statement, <strong>Riot<\/strong> said the purchase could instantly add 60 megawatts of current operational capability. Targeting 110 MW for self-mining activities by the end of 2024, <strong>Riot<\/strong> plans to grow Block Mining&#8217;s two sites even more. That would boost <strong>Riot&#8217;s<\/strong> whole possible power capacity to two gigawatts.<\/p>\n<p><em>\u201cThis transaction allows us to diversify our operations nationally and accelerate Block Mining&#8217;s expansion in Kentucky,\u201d<\/em> <strong>Riot CEO Jason Les<\/strong> remarked in the announcement. <em>&#8220;With a combined 60 MW of existing developed capacity and a pipeline to rapidly scale to over 300 MW, this acquisition expands our operations and further enhances our path towards our growth target of 100 EH\/s.&#8221;<\/em><\/p>\n<p>The statement states <strong>Riot<\/strong> paid the purchase price using $18.5 million in cash and $74 million worth of Riot common stock. <strong>Riot<\/strong> claimed earlier this month that it made 255 BTC in June, compared to 215 BTC in May and 460 BTC in June 2023. In June, the company mined around half as many bitcoins year-on-year as predicted following the April halving event.<\/p>\n<p>Google Finance shows <strong>Riot<\/strong> on Nasdaq&#8217;s Tuesday closing drop of 5.31%. The stock price of the company has declined 24.79% year-to-date.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for <\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In order to increase its mining activities, Bitcoin mining company Riot Platforms today bought Block Mining, a Kentucky-based bitcoin miner, in a $92.5 million deal. According to a Tuesday statement, Riot said the purchase could instantly add 60 megawatts of current operational capability. Targeting 110 MW for self-mining activities by the end of 2024, Riot<\/p>\n","protected":false},"author":6,"featured_media":21478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[144,3881],"class_list":["post-25705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-mining","tag-riot-platforms"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Riot Platforms Acquires Block Mining for $92.5M - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/riot-platforms-acquires-block-mining-for-92-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Riot Platforms Acquires Block Mining for $92.5M - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"In order to increase its mining activities, Bitcoin mining company Riot Platforms today bought Block Mining, a Kentucky-based bitcoin miner, in a $92.5 million deal. According to a Tuesday statement, Riot said the purchase could instantly add 60 megawatts of current operational capability. Targeting 110 MW for self-mining activities by the end of 2024, Riot\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/riot-platforms-acquires-block-mining-for-92-5m\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-24T10:00:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-24T07:30:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/05\/Riot-share-image-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/riot-platforms-acquires-block-mining-for-92-5m\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/riot-platforms-acquires-block-mining-for-92-5m\/\",\"name\":\"Riot Platforms Acquires Block Mining for $92.5M - 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