Riot Blockchain announced the completion of Whinstone US’s acquisition, making them the leading Bitcoin mining company in North America. The total amount paid for the transaction is 80 million dollars in cash and 11.8 million worth of shares. Riot had XMS Capital Partners as their financial advisor while Sidley Austin LLP acted as the legal advisor. Due to their market competency, the entire process was facilitated seamlessly.
What do the CEOs think of the development?
Jason Les (Riot Blockchain’s CEO) deemed the acquisition the most substantial achievement for the blockchain firm. The development established them as the leading Bitcoin mining company. Whinstone’s framework and industry-leading development, operations, and construction will help Riot enhance its proceedings and scale subsequently. Riot also welcomed the personnel from Whinstone as Jason considers them crucial for Riot’s upcoming success.
Chad Harris (Whinstone’s CEO) also expressed his delight stating that Whinstone is proud to join the Riot family. He also thanked the Rockdale community that supported them through such adverse scenarios.
Riot aims to quickly start the development phase with Whinstone’s resources to enhance its current 750 MW capacity. By sending its future mining deliveries to Whitestone, Riot will activate a synergy, resulting in low operational and energy costs.
Starting in 2020, Whinstone established North America’s largest Bitcoin facility in terms of developed capacity. Their energy management mechanism offers approx. 2.5 cents per kWh energy costs. With industry-leading tech and thorough analytics, Whinstone delivers responsive and reliable power while minimizing costs.
Riot will also be hosting a live conference on May 27 to discuss further details regarding the development. The conference will be available on the official Riot website as well. Given the stature of the involved parties, the development will help Whinstone, Riot, and the entire Bitcoin community.
Riot Blockchain recently became the leading Bitcoin mining company in North America after completing Whinstone’s acquisition. Whinstone possesses the highest developed capacity in the nation, making them a major player in the circle. Both CEOs are delighted with the development, and it is expected to help the community as well.