Riot Platforms acquires Block Mining for $90 million! The value of mining company concept stocks soared in 2 weeks

This site (120BtC.coM): Miner Riot Platforms said in a statement released yesterday (23) that it will acquire another Bitcoin miner Block Mining for US$92.5 million, giving it 110 MW by the end of 2024 (MW) mining operating capacity target is getting closer. At the same time, the market value of mining company stocks has increased by 10% to 20% in the past two weeks.

Riot Platforms acquires Block Mining for US$92.5 million

Riot noted that the company has acquired Bitcoin miner Block Mining for US$92.5 million, which is expected to immediately add 60 megawatts of operating capacity.

It is reported that Riot paid $18.5 million in cash and $74 million in Riot common stock: We plan to further expand Block Mining’s two sites in Kentucky, with the goal of expanding to 110 by the end of the year MW of self-excavated operating capacity.

And added, "This will bring Riot's total potential power capacity to 2 gigawatts (GW)."

Riot emphasized that the acquisition will immediately increase the company's current mining computing power by 1EH/s, and is expected to increase It will reach 16EH/s by the end of 2025.

Last month, Riot attempted to maliciously acquire Bitfarms, another miner, by increasing its stake. The two parties have not yet reached a consensus since the incident.

Riot CEO: The computing power target is 100EH/s

Riot CEO Jason Les said in a statement that the acquisition enables the company to diversify its operations across the country and accelerate the expansion of both parties in Kentucky: As This acquisition is a means to achieve the goal of growing the current production capacity from 60 MW to 300 MW. This acquisition also further strengthens the possibility of achieving our goal of reaching 100EH/s computing power by the end of 2027.

However, the acquisition news does not seem to have a positive impact on its stock price. Riot (RIOT) stock price fell 5.31% as of Tuesday's close, and has fallen 25.08% year-to-date.

The market value of mining company stocks has grown significantly in two weeks

In the past two weeks, the market value and stock prices of major mining company stocks have rebounded sharply from the relative lows on July 10, and have grown by more than double digits. percentage.

Marathon Digital (MARA)

First of all, Marathon Digital’s market capitalization took the lead with a growth of approximately 41.5% from US$5.34 billion to US$7.56 billion. After that, even if it fell back to US$6.99 billion, it still grew by 30.8%. Eye performance.

Riot Platforms (RIOT)

Then, even though Riot’s stock price has performed poorly so far this year, its market value has increased from US$2.64 billion to US$3.47 billion in the past two weeks, still a growth rate of approximately 31.4%.

Hut8(HUT)

The last one is Hut8 Mining, whose market value has grown from US$1.38 billion to US$1.76 billion, an increase of approximately 27.5%

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