Riot Blockchain’s BTC miner bought ESS Metron for $ 50 million
Riot Blockchain paid $ 25 million in cash and another $ 25 million in Riot stock to buy ESS Metron. As one of the leading cryptocurrency miners in the US, the BTC mining company Riot Blockchain ESS Metron acquired for $ 50 million and as a result the company will later provide the infrastructure for Riot’s new mining machines. The news was released by the US Securities and Exchange Commission in a press release and the total amount of the transaction is equal to $ 50 million as the BTC miner paid $ 25 million in cash and the remainder includes 715,413 common shares of Riot.
The miner is expected to benefit from the acquisition using the company’s advanced electrical equipment solutions as Riot Blockchain plans to expand to 700 MW.
ESS Metron helped Riot develop a bespoke immersion cooling technology for the 200 MW expansion project. Riot Blockchain CEO Jason Les described the acquisition as “another major milestone in establishing” his company as a leader in this field. He added:
“Riot’s strategic position in the power supply chain will be significantly improved as the company will benefit from ESS Metron’s existing relationships with leading global energy providers.”
Stephen Howell, as CEO of ESS Metron, assures that his company will provide the best possible service to his growing customer base and support Riot in its expansion efforts. The Bitcoin mining company is one of the largest in the industry and is listed on the Nasdaq under the ticker RIOT. A few months ago, Whinestone US acquired it as the owner of the largest BTC mining and deposit in North America. Riot Blockchain increased its mining capacity by purchasing 42,000 S19 Antminers from Bitmain, and that purchase is worth at least $ 138 million as part of its plan to increase its BTC mining hashrate. Megan Brooks, COO of Riot Blockchain, noted:
“By nearly doubling its planned hash rate capacity, Riot continues to make great strides to increase both the company’s market share and its US share of the global network hash rate.”