TechFlow news: Bitcoin mining company Riot Platforms announced on Tuesday its acquisition of Kentucky-based bitcoin miner Block Mining for $92.5 million, aiming to expand its mining operations.
The acquisition will immediately add 60 megawatts of operating capacity. Riot plans to expand Block Mining's two sites to 110 megawatts by the end of 2024, bringing Riot's total potential power capacity to 2 gigawatts.
Riot CEO Jason Les said the deal enables the company to diversify its operations nationwide and accelerate Block Mining's expansion in Kentucky. The purchase consideration consists of $18.5 million in cash and $74 million in Riot common stock. In a filing earlier this month, Riot disclosed that it mined 255 bitcoins in June, down from 460 bitcoins a year earlier, consistent with expectations following the April bitcoin halving event.
