Riot Platforms Buys Block Mining to Expand Bitcoin Mining Capacity

Riot Platforms, a major player in Bitcoin mining, has acquired Block Mining, a miner based in Kentucky, in a deal valued at $92.5 million.

This acquisition is set to enhance Riot’s mining capabilities significantly.

The company announced that the purchase will immediately add 60 megawatts (MW) to its operational capacity, with plans to expand Block Mining’s two facilities to a total of 110 MW by the end of 2024. This expansion would increase Riot’s overall potential capacity to 2 gigawatts.

Riot CEO Jason Les highlighted that the acquisition will diversify the company’s operations across the U.S. and accelerate growth in Kentucky. The deal includes $18.5 million in cash and $74 million in Riot common stock.

Despite the acquisition, Riot reported a decline in Bitcoin production, mining 255 BTC in June, a decrease from both May and June of the previous year. Riot’s stock fell by 5.31% on Tuesday and has decreased by nearly 25% year-to-date.