North American bitcoin mining company Riot will acquire Whinstone and add 300 MW of capacity to its operations.
Bitcoin mining is a business that requires lots of power to be put toward computing. Now, in a new acquisition that significantly changes the face of the practice in North America, bitcoin mining company Riot Blockchain has announced a contract to acquire Whinstone US, the owner of a major hosting facility.
The total transaction value is to be $651 million, per the release, with $80 million to be paid in cash with the remainder in the form of 11.8 million shares of Riot common stock. Whinstone facility offers 300 megawatts (MW) in developed bitcoin mining capacity, and Riot believes this can be scaled to 450 MW.