- Acquisition adds 60 Megawatts ("MW") of current operational capacity with the potential to quickly expand to 110 MW this year under existing agreements, and a pipeline to build to over 300 MW in Kentucky
- Transaction immediately adds 1 EH/s to Riot's existing self-mining hash rate with a potential to add up to a total of 16 EH/s by the end of 2025
- Expands Riot's operating footprint into Kentucky with an experienced on-the-ground management team
CASTLE ROCK, Colo., July 23, 2024 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ:RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin mining, is pleased to announce that it has acquired Block Mining, Inc. ("Block Mining"), a Kentucky-based vertically integrated Bitcoin miner, for total consideration at closing of $92.5 million. Riot paid the purchase price through $18.5 million of cash from its balance sheet plus $74 million of Riot common stock. Additional consideration, up to a maximum of $32.5 million, can be earned by Block Mining through 2025 through the execution of additional power purchase agreements to add additional power capacity. The acquisition of Block Mining immediately increases Riot's hash rate, expands Riot's footprint geographically, and provides exposure to additional energy markets outside of ERCOT. For additional details about this transaction, please refer to the investor presentation on Riot's website.