{"id":3919,"date":"2024-07-28T18:10:05","date_gmt":"2024-07-28T18:10:05","guid":{"rendered":"https:\/\/cryptd.in\/riot-platforms-acquires-block-mining-for-92-5m-expands-hash-rate-and-market-reach\/"},"modified":"2024-07-28T18:10:05","modified_gmt":"2024-07-28T18:10:05","slug":"riot-platforms-acquires-block-mining-for-92-5m-expands-hash-rate-and-market-reach","status":"publish","type":"post","link":"https:\/\/cryptd.in\/nl\/riot-platforms-acquires-block-mining-for-92-5m-expands-hash-rate-and-market-reach\/","title":{"rendered":"Riot Platforms Acquires Block Mining for $92.5M, Expands Hash Rate and Market Reach"},"content":{"rendered":"<p>The leading American Bitcoin mining company \u2013 Riot Platforms \u2013 has acquired the Kentucky-based firm Block Mining in a transaction valued at $92.5 million.<\/p>\n<p>The deal, announced on July 24, includes $18.5 million in cash from Riot\u2019s reserves and $74 million in Riot common stock. Additionally, Block Mining could receive up to $32.5 million more, based on performance metrics through 2025.<\/p>\n<h2>Riot Platforms Drops $92.5M on Block Mining<\/h2>\n<p>In its official <a href=\"https:\/\/www.riotplatforms.com\/riot-announces-the-acquisition-of-block-mining-expands-riots-total-potential-power-capacity-to-2-gigawatts\/\" target=\"_blank\" rel=\"noopener\">persbericht<\/a>, Riot said that it has instantly boosted its hash rate, broadened its geographical reach, and gained entry to additional energy markets outside the Electric Reliability Council of Texas (ERCOT) region by\u00a0acquiring Block Mining.<\/p>\n<p>Commenting on the latest acquisition, Michael Stoltzner, CEO and Co-founder of Block Mining, said,<\/p>\n<p>\u201cIn assessing potential acquisition partners, it became evident that Riot Platforms not only shares our vision for an energy-efficient Bitcoin miner, but also a complementary culture that values teamwork, creativity, and a relentless pursuit of excellence. Together, we are excited to leverage our collective strengths and expertise to build Bitcoin-first data centers that will propel us to the forefront of the industry.\u201d<\/p>\n<p>Block Mining operates two Kentucky sites with a combined 60 MW capacity, expandable to 155 MW. Currently, 23 MW is used for self-mining, 19 MW is vacant, and 18 MW is contracted. About 8 MW of the contracted power will be available for Riot\u2019s use in 60-90 days. Riot plans to expand the sites to 110 MW by the end of 2024 and has a greenfield expansion opportunity in Kentucky for up to 150 MW.<\/p>\n<p>Meanwhile, Block Mining\u2019s team will continue managing the current Kentucky operations and spearhead expansion efforts, utilizing their local connections, Riot\u2019s financial resources, and the long-term fixed-price hash rate agreement with MicroBT.<\/p>\n<h2>Riot\u2019s Acquisition of Bitfarms<\/h2>\n<p>The acquisition of Block Mining comes two months after Riot\u2019s <a href=\"https:\/\/cryptopotato.com\/riot-platforms-boosts-bitfarms-stake-with-additional-share-acquisition\/\" target=\"_blank\" rel=\"noopener\">attempt<\/a> to acquire the rival Bitcoin miner Bitfarms.<\/p>\n<p>As reported earlier, Bitfarms has been opposing Riot\u2019s $950 million buyout bid since June 13, arguing it undervalues the company. It even <a href=\"https:\/\/cryptopotato.com\/bitfarms-outlines-defense-plan-against-rival-riots-ongoing-takeover-bid\/\" target=\"_blank\" rel=\"noopener\">employed<\/a> a poison pill strategy dubbed the \u201crights plan\u201d to block the \u201chostile\u201d takeover.<\/p>\n<p>However, Riot <a href=\"https:\/\/www.businesswire.com\/news\/home\/20240724133364\/en\/Riot-Announces-that-Ontario-Capital-Markets-Tribunal-Has-Terminated-Bitfarms%E2%80%99-Poison-Pill\" target=\"_blank\" rel=\"noopener\">scored<\/a> a win on July 24 as a Canadian tribunal ended Bitfarms\u2019 strategy, removing a significant barrier to Riot\u2019s takeover attempt.<\/p>\n<p>De post <a href=\"https:\/\/cryptopotato.com\/riot-platforms-acquires-block-mining-for-92-5m-expands-hash-rate-and-market-reach\/\">Riot Platforms Acquires Block Mining for $92.5M, Expands Hash Rate and Market Reach<\/a> verscheen eerst op <a href=\"https:\/\/cryptopotato.com\/\">CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>The leading American Bitcoin mining company \u2013 Riot Platforms \u2013 has acquired the Kentucky-based firm Block Mining in a transaction valued at $92.5 million. The deal, announced on July 24, includes $18.5 million in cash from Riot\u2019s reserves and $74 million in Riot common stock. Additionally, Block Mining could receive up to $32.5 million more, [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":3920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Riot Platforms Acquires Block Mining for $92.5M, Expands Hash Rate and Market Reach - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/nl\/riot-platforms-acquires-block-mining-for-92-5m-expands-hash-rate-and-market-reach\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Riot Platforms Acquires Block Mining for $92.5M, Expands Hash Rate and Market Reach - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"The leading American Bitcoin mining company \u2013 Riot Platforms \u2013 has acquired the Kentucky-based firm Block Mining in a transaction valued at $92.5 million. The deal, announced on July 24, includes $18.5 million in cash from Riot\u2019s reserves and $74 million in Riot common stock. 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