Riot Blockchain to Purchase Whinstone for $651 M

by in Blockchain News

Riot blockchain deal

The US-based BTC mining entity Riot blockchain signed a $651 M trade of the mining hosting provider firm Whinstone.

Related: Bitcoin hashrate has updated its all-time high

As noted in the press release published on April 8, Riot has signed a paper with Whinstone to obtain all of its assets and services. For the deal, the company agreed to pay $80 M cash plus a fixed 11.8 M Riot ordinary shares.

The transfer is supposed to complete within three months. It will be carried out in correspondence with regulatory authorization and customary closing conditions.

Whinstone's purchase has great importance for Riot and its stockholders. As stated, with this move the company increases its capacities, thus getting closer to the goal of becoming the number one BTC mining platform in the world.

Presently, Whinstone has a capability of 300 MW (megawatts), and Riot states it can reach 450 MW. To achieve its goal, recently the company obtained 42,000 units of Bitmain's AntMiner S19j worth $138.5 M.