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Riot Platforms has recently completed the acquisition of Block Mining, a Kentucky-based company, for a total transaction value of $92.5 million.
Acquisition Details
The deal, announced on July 24, involved a combination of cash and Riot common stock, with potential additional payments based on performance metrics through 2025.
- The acquisition instantly increased Riot’s hash rate.
- It expanded its geographical reach and provided access to additional energy markets outside the Electric Reliability Council of Texas (ERCOT) region.
With Block Mining’s two Kentucky sites boasting a combined 60 MW capacity, expandable to 155 MW, Riot is well-positioned to capitalize on expansion opportunities in the region.
Expertise and Team
The acquisition allows Riot to leverage the expertise of Block Mining’s team, who will continue to manage current operations and lead expansion efforts, utilizing local connections and Riot’s financial resources.
Previous Acquisition Attempt
This acquisition follows Riot’s previous attempt to acquire Bitfarms, a rival Bitcoin miner. Despite facing opposition and a poison pill strategy, Riot ultimately succeeded as a Canadian tribunal ruled in its favor, removing a significant barrier to the acquisition.
Strategic Growth
This development underscores Riot’s commitment to strategic growth and market expansion within the cryptocurrency mining sector, positioning the company as a key player in the evolving landscape of digital asset mining.
📎 Read the original article on cryptopotato.com
