The Riot Blockchain continues to expand Bitcoin (BTC). The US mining company is said to be purchasing Whinstone US Inc, which is currently owned by Northern Data.
The planned purchase by Riot Blockchain was announced Thursday in a press release, as a US Bitcoin miner paid $ 80 million in cash. The rest is selling about 12% of the shares in the Northern data.
Whinstone is said to run the largest bitcoin mining company in the United States. The Whinstones Data Center, headquartered in Texas, reportedly has a total capacity of 750MW with an additional 300MW expansion currently.
In fact, once the deal is completed, the Riot Blockchain is expected to become the largest Bitcoin mining operation listed in North America based on operational capacity accounts.
For Riot Blockchain, the acquisition of Whinstone gives the company the opportunity to increase its bitcoin mining capacity. According to Riot CEO Jason Lees, the further development of the bitcoin miner includes the increased participation of the United States in global bitcoin mining.
In its own announcement of the deal, Northern Data said the sale of the Whinstone Riot Blockchain would not negatively impact EBITDA, also known as EBITDA. According to the Northern Data release, the company’s multiple profitable website strategy means that all pre-EBITDA projections for the 2021 fiscal year remain unchanged.
Whinstone’s planned $ 650 million acquisition comes immediately after a series of reserves expansion by a US bitcoin miner. In fact, Cointelegraph recently reported that Riot Blockchain bought 42,000 Antminer properties from Bitmain for approximately $ 138 million.
Riot Blockchain has been pursuing a bandwidth expansion program recently, and its retail strength has grown nearly fivefold in 2020. The company’s efforts indicate increased pressure from Bitcoin miners in North America to challenge China’s dominance of the hash rate.