Miner Riot Platforms Buys Block Mining

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In a $92.5 million transaction, Riot Platforms has acquired Block Mining, a bitcoin miner based in Kentucky.

The acquisition immediately adds 60 megawatts of operational capacity and aims to expand that to 110 MW for self-mining operations by 2024.

This will bring Riot’s total potential power capacity to 2 gigawatts. With this move, CEO Jason Les stated that the company can diversify its operations nationally and accelerate Block Mining’s growth in Kentucky.

The deal was paid for with $18.5 million in cash and $74 million in Riot common stock. Riot is on track to reach its goal of 100 EH/s in growth, with a combined 60 MW of existing developed capacity and the potential to scale to over 300 MW.