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In a statement released Tuesday, Riot said the acquisition would immediately add 60 megawatts of operating capacity to its current capacity.Riot plans to further expand Block Mining’s two sites, targeting 110MW of its own mining operations by the end of 2024,” the company added, bringing Riot’s total potential power capacity to 2GW.
“This transaction diversifies our operations nationally and accelerates Block Mining’s expansion in Kentucky,” Riot CEO Jason Les said in a statement. “With 60 MW of existing development capacity and a pipeline that can rapidly scale to over 300 MW, this acquisition expands our operations and further accelerates our path toward our 100 EH/s growth goal.”
According to the statement, Riot paid a purchase price of $18.5 million in cash and $74 million worth of Riot common stock.
in filing Earlier this month, Riot said: Earn 255 BTC In June, it increased by about 4 times compared to 215 BTC in May and 460 BTC in June 2023. The company mined about half as much Bitcoin in June as it did in the previous year, as expected after the Bitcoin halving in April.
According to Google Finance, Riot shares on Nasdaq fell 5.31% on Tuesday. The company’s stock has fallen 24.79% since the beginning of the year.
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