Published on July 24, 2024 06:50 GMT+00:00edited on July 24, 2024 06:54 GMT+00:00

Colorado-based Bitcoin mining company Riot Platforms has acquired its Kentucky-based competitor Block Mining to increase its operational capacity by 16 EH/s.

Bitcoin (BTC) miner Riot Platforms has acquired Block Mining, a Kentucky-based crypto mining firm, for $92.5 million to expand its operational resources. The company said in a Jul. 24 press release the deal immediately adds 1 EH/s to its self-mining hashrate “with a potential to add up to a total of 16 EH/s by the end of 2025.”

The acquisition includes a $18.5 million cash payment and $74 million in Riot common stock.

“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.”

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