Riot Blockchain Acquires Whinstone – Bitcoin Journal: Bitcoin Information, Articles, Charts and How-tos
Bitcoin mining is a business that requires a lot of computing power. Now, as part of a new acquisition that will significantly change the face of practice in North America, bitcoin mining company Riot Blockchain has announced a deal to acquire Whinstone US, the owner of a large hosting facility.
Total transaction value per release is said to be $ 651 million, with $ 80 million to be paid in cash and the remainder in the form of 11.8 million common shares of Riot. Whinstone’s facility has a developed bitcoin mining capacity of 300 megawatts (MW), and Riot expects that can be scaled up to 450 MW.
Riot phrased this as his attempt to become the largest bitcoin mining company in North America.
“Riot sees Whinstone as a fundamental element of its strategy to become an industry-leading Bitcoin mining platform on a global scale,” the press release said. “Upon completion of this acquisition, Riot is expected to be the largest publicly traded bitcoin mining and hosting company in North America by total developed capacity.”
Riot has already shared hosting facilities in New York, but with this proposed acquisition of Whinstone, it could expand its capacity significantly.
Riot CEO Jason Les said the acquisition of Whinstone would help create “a very clear path for the company’s future growth,” the press release said. “Riot will fully own the largest bitcoin mining facility in North America with a very low cost of electricity and one of the most talented development teams in the industry.”
He added that “Whinstone will serve as the foundation for Riot’s bitcoin mining activities, on the basis of which we will advance our goal of increasing the American footprint in the global bitcoin mining landscape.”