{"id":84966,"date":"2024-07-24T14:33:08","date_gmt":"2024-07-24T18:33:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=84966"},"modified":"2024-07-24T14:34:31","modified_gmt":"2024-07-24T18:34:31","slug":"riot-platforms-acquires-rival-block-mining-for-92-5m","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/riot-platforms-acquires-rival-block-mining-for-92-5m\/","title":{"rendered":"Riot Platforms Acquires Rival Block Mining for $92.5m"},"content":{"rendered":"\n

In order to boost its operating capacity <\/a>by 16 EH\/s, Colorado-based Bitcoin mining business Riot Platforms purchased its rival Block Mining, located in Kentucky.\u00a0
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\"Riot
Riot Platforms Acquires Rival Block Mining for $92.5m<\/figcaption><\/figure>\n\n\n\n

Bitcoin miner Riot Platforms<\/a> has acquired Block Mining, a Kentucky-based crypto mining firm, for $92.5 million to expand its operational resources. <\/p>\n\n\n\n

The agreement instantly increases the company's self-mining hashrate by 1 EH\/s, “with a potential to add up to a total of 16 EH\/s by the end of 2025,” according to a press release issued on July 24. <\/p>\n\n\n\n

Riot common shares valued at $74 million and a cash payment of $18.5 million are part of the transaction.\u00a0CEO of Riot Platforms, Jason Les said:\u00a0<\/p>\n\n\n\n

\n

“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.”<\/p>\n<\/blockquote>\n\n\n\n

In order to increase Block Mining's power capacity\u2014which comprises two operational locations in Kentucky\u2014Riot also intends to invest an additional $32.5 million until 2025. Riot plans to expand Block Mining's infrastructure<\/a> to 110 MW by the end of 2024 to facilitate self-mining activities. <\/p>\n\n\n\n

According to statistics from Google Finance, Riot shares fell 5.3% to $11.59 amid the news. A few months prior, Riot Platforms had suggested paying $950 million to acquire Bitfarms, one of its competing companies. <\/p>\n\n\n\n

Riot later canceled the plan, claiming it could not discuss a possible merger with Bitfarms' present board. Then, Riot called a special shareholder meeting\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to discuss governance concerns at the rival company located in Toronto.<\/p>\n","protected":false},"excerpt":{"rendered":"

In order to boost its operating capacity by 16 EH\/s, Colorado-based Bitcoin mining business Riot Platforms purchased its rival Block Mining, located in Kentucky.\u00a0 Bitcoin miner Riot Platforms has acquired Block Mining, a Kentucky-based crypto mining firm, for $92.5 million to expand its operational resources. The agreement instantly increases the company’s self-mining hashrate by 1 […]<\/p>\n","protected":false},"author":43,"featured_media":84967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[754,20805,15032],"class_list":["post-84966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-mining","tag-block-mining","tag-riot-platforms"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/Riot-Platforms-acquires-rival-Block-Mining-for-92.5m.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=84966"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/84967"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=84966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=84966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=84966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}