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Riot Platforms Acquires Block Mining in $92.5 Million Deal to Boost Bitcoin Mining Operations

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Nicholas Edwards
Nicholas Edwardshttps://bollywoodfever.co.in/
Nicholas Edwards is a passionate writer with a keen interest in sports and business news. With a knack for delivering insightful and engaging content, Nicholas keeps his finger on the pulse of the latest developments in these dynamic fields. His enthusiasm for both sports and business shines through in his writing, making complex topics accessible to a wide audience. Whether it's dissecting the latest game-changing play or analyzing market trends, Nicholas brings a fresh perspective and a wealth of knowledge to his articles. Email @ admin@bollywoodfever.co.in

Bollywood Fever: Riot Platforms, a prominent Bitcoin mining firm, announced its acquisition of Block Mining, a Kentucky-based Bitcoin miner, in a $92.5 million deal aimed at expanding its mining operations. The acquisition is expected to immediately add 60 megawatts (MW) of operational capacity, with plans to further expand Block Mining’s two sites to 110 MW for self-mining operations by the end of 2024. This expansion would bring Riot’s total potential power capacity to 2 gigawatts.

Riot Platforms Acquires Block Mining in $92.5 Million Deal to Boost Bitcoin Mining Operations

“This transaction allows us to diversify our operations nationally and accelerate Block Mining’s expansion in Kentucky,” said Jason Les, CEO of Riot, in a statement. “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 financed the purchase with $18.5 million in cash and $74 million worth of Riot common stock. In a recent filing, Riot reported earning 255 BTC in June, up from 215 BTC in May, but significantly down from 460 BTC in June 2023. This reduction was anticipated following Bitcoin’s halving event in April.

Despite the acquisition news, shares of Riot on Nasdaq closed down 5.31% on Tuesday, with the company’s stock price having dropped by 24.79% year-to-date, according to Google Finance.


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