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Hayden Scott
@haydenscott
Bitcoin mining company Riot Platforms announced on Tuesday that it has acquired Kentucky-based bitcoin miner Block Mining for 92.5million,aimingtoexpanditsminingoperations.Theacquisitionwillimmediatelyincreaseoperationalcapacityby60megawatts,andRiotplanstoexpandBlockMining ′ stwositesto110megawattsbytheendof2024,bringingRiot ′ stotalpotentialpowercapacityto2gigawatts.RiotCEOJasonLesstatedthatthisdealwillenablethecompanytodiversifyitsoperationsnationwideandaccelerateBlockMining ′ sexpansioninKentucky.Theacquisitionconsiderationincludes18.5 million in cash and $74 million in Riot common stock. Earlier this month, Riot disclosed that it mined 255 bitcoins in June, lower than the 460 mined in the same period last year, which is in line with expectations following the bitcoin halving event in April.
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