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Colorado-based Bitcoin mining company Riot Platforms has acquired Kentucky-based competitor Block Mining for $92.5 million to increase its operational capacity by 16 EH/s. According to a July 24 press release, the acquisition immediately adds 1 EH/s to Riot's self-mining <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a>, with the potential to reach a total of 16 EH/s by the end of 2025, according to <a href="https://crypto.news/bitcoin-miner-riot-platforms-acquires-rival-block-mining-for-92-5m/" rel="noopener noreferrer nofollow">Crypto</a>.
The deal includes an $18.5 million cash payment and $74 million in Riot common stock. Riot Platforms' CEO Jason Les stated, "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."
Riot also plans to invest an additional $32.5 million through 2025 to enhance Block Mining’s power capacity, including two operational sites in Kentucky. By the end of 2024, Riot aims to increase Block Mining’s infrastructure to support 110 MW for self-mining operations.
Despite the strategic acquisition, Riot shares fell by 5.3% to $11.59. This acquisition follows Riot Platforms' proposal to acquire <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> for $950 million, which was later withdrawn due to governance issues with <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a>’ board. Riot had requested a special shareholder meeting to address these issues.

Riot Platforms Enhances Mining Capacity with $92.5M Block Mining Acquisition

Ultramining_Eng

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