Bitcoin mining firm Riot Platforms today has acquired Block Mining, a Kentucky-based bitcoin miner, in a $92.5 million deal to expand its mining operations.

In a statement released on Tuesday, Riot said that the acquisition could immediately add 60 megawatts of current operational capacity. “Riot intends to further expand Block Mining's two sites, targeting 110 MW for self-mining operations by the end of 2024,” the company added. That would bring Riot’s total potential power capacity to 2 gigawatts.

“This transaction allows us to diversify our operations nationally and accelerate Block Mining's expansion in Kentucky,” Jason Les, CEO of Riot, said in the statement. “With a combined 60 MW of existing developed capacity, and a pipeline to rapidly scale to over 300 MW, this acquisition …