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Riot Platforms announced it will diversify Riot’s power source and boost its capacity to over 2 gigabytes (GW) by acquiring competitor bitcoin miner Block Mining. JPMorgan claims that this acquisition positions Riot as the second-largest Bitcoin miner in the United States and emphasizes its strategic expansion intentions in the Bitcoin mining industry. 
Capacity and Power Diversification 
JPMorgan analysts Reginald Smith and Charles Pearce noted the strategic nature of this acquisition. Riot’s capacity will grow substantially due to this move. This deal also increases Riot’s hash rate by 1 exahash per second (EH/s). 
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 "The acquisition of Block Mining marks a significant milestone for Riot as we continue to expand our growth pipeline," said <a href="https://twitter.com/JasonLes_?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@JasonLes_</a>, CEO of Riot. "This transaction allows us to diversify our operations nationally and accelerate Block Mining’s expansion in Kentucky. With a… <a href="https://t.co/vlt648TLDo" target="_blank">https://t.co/vlt648TLDo</a> <a href="https://t.co/M2B2GyyyzL" target="_blank">pic.twitter.com/M2B2GyyyzL</a>— Riot Platforms, Inc. (@RiotPlatforms) <a href="https://twitter.com/RiotPlatforms/status/1815856627112894810?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 23, 2024</a>
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The increased hash rate is a significant measure of computational power. Moreover, it enhances Riot’s power supply diversification. The acquisition is seen as an important appraisal of undeveloped power assets in the industry. 
Expansion Amid Other Efforts 
Riot’s <a href="https://www.riotplatforms.com/riot-announces-the-acquisition-of-block-mining-expands-riots-total-potential-power-capacity-to-2-gigawatts/" target="_blank" rel="noreferrer noopener">acquisition</a> is notable given the expansion potential at its Corsicana site in Texas. Recently, Riot dropped a proposal to buy Bitfarms. Now, Riot is looking to overhaul Bitfarms’ board. 
These moves reflect Riot’s aggressive merger and acquisition strategy, underscoring its commitment to consolidating its position and growth ambitions in the Bitcoin mining sector. 
Industry Impact and Future Outlook 
Broker Bernstein highlighted Riot’s suitability for consolidating the Bitcoin mining sector. Riot’s acquisition spree suggests a robust future outlook for the company. The recent acquisitions reflect Riot’s strategic planning. 
JPMorgan maintains an overweight rating on Riot shares with a $12 price target, and they traded 0.5% higher at $11.65 in early trading. The increased hash rate from the Block Mining deal may contribute up to 16 EH/s by the end of 2025. 
Riot Platforms’ acquisition of Block Mining marks a pivotal step in the company’s expansion strategy. The deal enhances Riot’s power supply and increases its mining capacity. Consequently, Riot is positioned as a leading player in the Bitcoin mining industry. The strategic acquisitions suggest a promising future for Riot. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/04/riot-platforms-sees-19-bitcoin-mining-boosts-in-june/" target="_blank" rel="noreferrer noopener">Riot Platforms Sees 19% Bitcoin Mining Boosts in June</a> 
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Riot Acquires Block Mining, JPMorgan Highlights Capacity Boost

The Crypto Times

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