📣 Riot Platforms Acquires Block Mining
posted 24 Jul 2024
The mining firm has purchased its rival for $92.5 million, paying $18.5 million in fiat and the remainder in Riot common stock valued at $74 million.
This acquisition has increased Riot Platforms' total hash rate by 1 EH/s, bringing it to 16 EH/s, and expanded its potential power capacity to 2 GW. According to Riot's CEO, Jason Les, this expansion is part of their strategy to reach a total hash rate of 100 EH/s.
At the time of the transaction, Block Mining operated two facilities in Kentucky with a total capacity of 60 MW. Approximately 23 MW of this was used for self-mining, 18 MW was leased out to other operators, and 19 MW was vacant and available to be allocated to clients. Riot plans to expand Block Mining's operations to 110 MW this year, and later to 300 MW.
The Block Mining team will remain in their current roles and continue their operations, now with access to the resources of Riot Platforms.
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