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.

“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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