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- Riot Platforms plans $185 million acquisition of Rhodium’s Rockdale assets.
- Includes $49 million in Riot shares.
- Boosts Riot’s mining capacity by 125 MW.
Riot Platforms is set to acquire Bitcoin mining facility assets from Rhodium Encore in Rockdale, Texas, for $185 million. The acquisition involves cash, stock, and security deposit refunds to resolve a legal dispute.
The acquisition expands Riot Platforms’ capacity, aligning with their strategic goals. Bitcoin and Riot’s stock prices showed minimal immediate reaction due to existing market trends.
Riot Expands Power Capacity with $185M Rhodium Deal
Riot Platforms plans to acquire Rhodium Encore’s Bitcoin mining assets in a $185 million transaction. This includes $129.9 million in cash and $49 million in Riot shares, according to Riot’s release. If finalized, Rhodium will vacate the Rockdale site shortly after completion. Assets displayed include tangible mining equipment and a 125-megawatt power capacity at the Rockdale location.
The acquisition significantly enhances Riot’s operational scale. The added 125 MW power capacity will bolster Riot’s Bitcoin mining capabilities, aligning with the company’s expansion agenda. This acquisition aligns with previous expansion trends, such as in 2024 with Block Mining.
Jason Les, Riot’s CEO, expressed enthusiasm on Twitter, highlighting the strategic alignment and growth potential. Industry followers on Riot’s Discord have shown optimism about the decision, welcoming the expanded capacity.
“We are excited about the potential acquisition of Rhodium’s assets at our Rockdale facility. This move aligns with our strategy to expand our Bitcoin mining operations and consolidate our presence in Texas.” – Jason Les, CEO, Riot Platforms
Riot Aims for Strategic Advantage in Mining Sector
Did you know?Riot Platforms previously acquired Block Mining in 2024, following their trend of strategic consolidations within the crypto-mining sector.
Bitcoin, widely recognized as BTC, is presently valued at $87,760.55, with a 24-hour trading volume of $21.86 billion, indicating a 120.98% increase. The cryptocurrency has experienced a 3.68% rise in the past 24 hours, according to CoinMarketCap. Its market capitalization stands at $1.74 trillion, maintaining a market dominance of 60.68%.
The consolidation occurring within the mining industry reflects broader strategic trends across the sector. Experts suggest that by acquiring Rhodium’s assets, Riot could increase competitiveness by focusing on power efficiency and scalability in Bitcoin mining, hedging against fluctuating Bitcoin prices. This aligns with an industry movement towards optimizing mining operations for enhanced profitability.
