Riot's acquisition of rival bitcoin miner Block Mining makes sense because it diversifies the company's power supply and increases its capacity to over 2 gigawatts (GW), as noted by JPMorgan.
JPMorgan highlighted that Riot will have the second-largest capacity among U.S.-listed bitcoin miners after the acquisition, emphasizing the appraisal of undeveloped power assets.
The Block Mining acquisition adds 1 exahash per second (EH/s) to Riot's hashrate, expected to reach up to 16 EH/s by 2025, contributing to industry competition and mining difficulty.
Riot dropped a proposal to acquire Bitfarms, instead pursuing a board overhaul before potential future takeover attempts, ensuring strategic growth.
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