Riot Acquires Block Mining For $92.5M
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms, Inc. (NASDAQ:RIOT) has acquired Block Mining, Inc. for $92.5 million, adding 60 MW of operational capacity with potential expansion to 110 MW this year and over 300 MW in Kentucky. The acquisition immediately increases Riot's hash rate and expands its geographic footprint.
July 23, 2024 | 8:46 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Riot Platforms, Inc. has acquired Block Mining, Inc. for $92.5 million, significantly increasing its operational capacity and hash rate. The acquisition also expands Riot's geographic footprint into Kentucky and provides exposure to new energy markets.
The acquisition of Block Mining immediately increases Riot's operational capacity and hash rate, which are critical metrics for a Bitcoin mining company. Additionally, the expansion into Kentucky and new energy markets diversifies Riot's operations and reduces dependency on ERCOT. These factors are likely to positively impact Riot's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100