Riot Blockchain BTC miner has just purchased ESS Metron electrical equipment provider also known as Ferrie Franzmann Industries as we can see more in our latest Bitcoin news today.
Riot Blockchain paid $25 million in cash and another $25 million worth of Riot shares to purchase ESS Metron. One of the leading crypto mining companies in the US Riot Blockchain BTC miner acquired ESS Metron for $50 million and as a result, the latter will provide a strong infrastructure supply for the new mining machines of Riot. The news was announced in a press release by the US SEC and the total amount of the transaction equals $50 million as the BTC mining company paid $25 million in cash and the rest was covered with 715,413 shares of Riot common stock.
The mining company expects to benefit from the deal by using the company’s highly engineered electrical equipment solutions as Riot plans to expand to 700 MW. ESS Metron helped Riot develop customized immersion cooling technology for the 200 MW Expansion project. The Chief Executive Officer at Riot Blockchain Jason Les described the acquisition as “another milestone in establishing” his company as a leader in the field. He added:
“Riot’s strategic position across the electrical supply chain is significantly enhanced as the company will benefit from ESS Metron’s existing relationships with leading electrical suppliers globally.”
Stephen Howell as the CEO of ESS Metron asserted that his organization will provide the best service possible to its growing customer base and will aid Riot in its expansion efforts. The Bitcoin mining company is one of the biggest in the sector and it is listed on Nasdaq under the ticker RIOT. A few months ago, it purchased Whinestone US as the owner of the North American biggest BTC mining and hosting facility. Riot Blockchain increased its mining capacity by purchasing 42,000 S19 Antminers from Bitmain and the purchase was worth at least $138 million as a part of the plans to boost its BTC mining hashrate. COO of Riot Blockchain Megan Brooks noted:
“By nearly doubling its planned hash rate capacity, Riot continues to take great strides forward in growing both the Company’s and the United States’ share of the global network hash rate.”