Deniz 
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 plans to grow Block Mining’s two sites even more. That would boost Riot’s whole possible power capacity to two gigawatts.
“This transaction allows us to diversify our operations nationally and accelerate Block Mining’s expansion in Kentucky,” Riot CEO Jason Les remarked in the announcement. “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.”
The statement states Riot paid the purchase price using $18.5 million in cash and $74 million worth of Riot common stock. Riot 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.
Google Finance shows Riot on Nasdaq’s Tuesday closing drop of 5.31%. The stock price of the company has declined 24.79% year-to-date.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.