{"id":34759,"date":"2024-07-24T09:02:30","date_gmt":"2024-07-24T09:02:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/riot-announces-acquisition-of-bitcoin-miner-block-mining\/"},"modified":"2024-07-24T09:02:30","modified_gmt":"2024-07-24T09:02:30","slug":"riot-announces-acquisition-of-bitcoin-miner-block-mining","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/riot-announces-acquisition-of-bitcoin-miner-block-mining\/","title":{"rendered":"Riot announces acquisition of Bitcoin miner Block Mining"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-mining-asic-machines-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-mining-asic-machines-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-mining-asic-machines-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/bitcoin-mining-asic-machines-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Riot Platforms announced its acquisition of Block Mining on July 23.<\/span><\/li>\n<li><span style=\"font-weight: 400\">The bitcoin miner said the transaction involved $18.5 million in cash and $74 million in Riot common stock.<\/span><\/li>\n<li>Riot will add 60 megawatts of capacity to its operational capacity, with a potential to grow that to over 300 MW.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"> Riot Platforms has acquired Block Mining, a Kentucky-based <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin-mining\/\">Bitcoin mining<\/a> firm in a cash plus stock deal totaling $92.5 million.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The acquisition will expand Riot\u2019s operations, with 60 megawatts of capacity added as the firm eyes expansion to 110 MW by the end of the year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/riot-announces-the-acquisition-of-block-mining--expands-riots-total-potential-power-capacity-to-2-gigawatts-302204466.html\" target=\"_blank\" rel=\"noopener\">press release<\/a> on July 23, the deal immediately expands Riot Platforms\u2019 self-mining hashrate by 1 E\/Hs. Under existing agreements, the company will look to push the Kentucky operation to over 300 MW by end of 2025, which could see its self-mining hashrate hit 16 EH\/s by end of December 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jason Les, CEO of Riot, commented: <\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThis transaction allows us to diversify our operations nationally and accelerate Block Mining\u2019s expansion in Kentucky. 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.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400\">$92.5 million transaction<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Riot said in its announcement that the company paid $18.5 million in cash and $74 million in its common stock to acquire Block Mining. The Riot common stock transaction was based on the stock\u2019s volume weighted average price (VWAP) over the 20-trading-day period ending on July 18, 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Kentucky-based miner can also access up to $32.5 million in additional payments through 2025, with the earnings related to completion of additional power purchases as agreed with Riot.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Riot\u2019s deal for Block Mining comes on the back of the publicly traded Bitcoin miner\u2019s <a href=\"https:\/\/coinjournal.net\/news\/riot-platforms-wants-to-buy-bitfarms-for-950-million\/\">pursuit of a deal<\/a> for rival Bitfarms.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/riot-announces-acquisition-of-bitcoin-miner-block-mining\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Riot Platforms announced its acquisition of Block Mining on July 23. The bitcoin miner said the transaction involved $18.5 million in cash and $74 million in Riot common stock. Riot will add 60 megawatts of capacity to its operational capacity, with [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":34760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/34759"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=34759"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/34759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/34760"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=34759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=34759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=34759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}