Riot Platforms, Inc. acquires Block Mining, Inc. to expand Bitcoin mining operations and power capacity
Jul 23, 2024•12 months ago
Acquiring Company
Riot Games
Acquired Company
Block Mining
KentuckyCryptocurrencyMiningBlockchainDescription
Riot Platforms, Inc., a leading vertically integrated Bitcoin mining company, has acquired Block Mining, Inc., a Kentucky-based Bitcoin miner, for a total consideration of $92.5 million. With this acquisition, Riot aims to increase its hash rate, expand its geographical footprint, harness additional energy markets, and achieve its growth target of 100 EH/s in Bitcoin mining operations.
M&A Insights
Based on deal dataIntegration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed