Bitcoin mining is a job that requires a lot of power for computing. Finally, in a new acquisition that significantly changed the face of crypto applications in North America, Bitcoin mining company Riot Blockchain announced that it acquired Whinstone US, which owns a large hosting facility.
The total transaction value is announced as $ 651 million, while $ 80 million will be paid in cash and the remaining 11.8 million will be in the form of Riot common stock. Whinstone’s facility offers 300 megawatts (MW) of advanced Bitcoin mining capacity, and Riot believes it can scale to 450 MW.
Riot has managed to become the largest Bitcoin mining company in North America with the last acquisition.
“Riot sees Whinstone as a key element in its strategy to become an industry-leading Bitcoin mining platform on a global scale,” the statement said. “With the realization of this acquisition, Riot is expected to become the largest publicly traded Bitcoin mining and hosting company in North America as measured by total developed capacity.”
Riot already has many hosting facilities in New York, but with this planned purchase of Whinstone, it will be able to significantly increase its capacity.
According to Riot CEO Jason Les, the acquisition of Whinstone will help create “a very clear path for the company’s future growth”. “Riot will fully own the largest Bitcoin mining facility in North America, with very low energy costs and one of the most talented development teams in the industry.”
“Whinstone will serve as the foundation of Riot’s Bitcoin mining operations, and on top of that we will continue our goal of increasing the American footprint in the global Bitcoin mining environment”