TechFlow news, July 24 — According to Coindesk, JPMorgan stated in a research report on Wednesday that Riot Platforms' acquisition of Block Mining is a reasonable move. This acquisition will make Riot the second-largest listed Bitcoin miner in the U.S. by capacity, exceeding 2 gigawatts (GW).
Analysts noted the transaction reflects the latest valuation of undeveloped power assets. Although Riot's expansion potential in Corsicana, Texas, is surprising, the acquisition is expected to add 1 EH/s to its hash rate and potentially reach 16 EH/s by the end of 2025. JPMorgan has given Riot stock an "overweight" rating with a target price of $12.
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