Riot Blockchain Inc. has announced the acquisition of the United States’ Bitcoin mining facility, Whinstone US.
According to the announcement, the total consideration paid for the acquisition was $ 80 million in cash and 11.8 million Riot common shares. This occurs when Bitcoin (BTC / USD) mining has been getting some heat lately due to its perceived high energy use. However, Riot Bitcoin CEO Jason Les has something else to say about it.
Correcting the wrong notion about Bitcoin mining
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He declared to them that he has been involved with Bitcoin for a long time. While speaking on CNBC about the viability of Bitcoin, he said that he is a “believer in the long-term usefulness of Bitcoin.”
He blamed people’s claims that Bitcoin mining uses more fossil fuels that could be dangerous for environmental livelihoods. He argued that Bitcoin miners use renewable energy more than any other major industry or business application.
Les and other Bitcoin miners had a long discussion with Elon Musk and Michael Saylor, founders of Tesla and Microstrategy respectively. The meeting focused on what they are doing as an industry to correct the wrong notion that people have about Bitcoin mining. He said more miners will talk about their energy consumption to “set the record straight.”
Further development of mining facilities
After the acquisition, Riot Blockchain still wants to develop more facilities at Whinstone to bring it to its current capacity of 750 MW.
According to Riot, the increased capacity will help the company ship its mining orders to Whinstone. This will allow Rio to take advantage of important synergies, including reduced operating costs and direct energy costs.
With this acquisition, Riot Blockchain now owns the largest Bitcoin mining facility in the U.S. The company’s main business objective is to mine Bitcoin and host Bitcoin mining equipment for clients.
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