The Blockchain space’s growth had also propelled the expansion of services from several of the space players, who are now enormous forces behind the surge of interest in the crypto market. Many Blockchain technology firms have continued to delight their users with fantastic product and service offerings, as the Blockchain space’s adoption continues to be high. Famous Bitcoin-mining firm- Riot Blockchain is now the latest Blockchain infrastructure targeting expansion. It has now announced the purchase of Whinstone, a Bitcoin mining site located in Texas, for $650 million.
Riot Blockchain will turn Whinstone into a diamond
According to the official release of data technology company- Northern Data AG, they have announced that they have sold their proposed Bitcoin mining site- Whinstone, to Riot Blockchain. The data infrastructure company had purchased Whinstone in November 2019 and was poised to make the place the largest data center in the continent. Alternatively, Northern Data AG also had in its plans to recreate Whinstone as the largest Bitcoin mining space in the world.
However, they have now announced that the publicly listed Riot Blockchain will now be tasked with carrying out their mining operations on Whinstone. The construction of Whinstone was done by Northern Data AG, who spent huge funds on the high-powered energy project last year. The project’s data activities had earlier commenced after its construction last year, and Bitcoin mining activity has not resumed yet.
With Riot Blockchain taking ownership of the space, they will be expected to transform the site’s Bitcoin mining activity. According to Northern Data, the need to expand its other data centers in the world is one reason why they are selling the project to Riot, as they hope to utilize the sales proceeds for their ambitions.
Riot Blockchain has thrived despite criticisms facing Bitcoin mining
The new acquisition by Riot Blockchain is a big statement from the publicly-listed Bitcoin mining firm. The new acquisition will see them hit astronomical heights across North America, as they are now set to be the biggest rivals of bitcoin mining firm- Marathon in the U.S. The Bitcoin mining firm is currently one of the most valuable Blockchain infrastructures in Texas, and they are expected to reap more rewards with the purchase of Whinstone.
The state of Texas also hosts Bitcoin mining firm- Bitmain, as the state has become a recent hub for Bitcoin mining firms to thrive, providing them with cheap and affordable electricity. However, despite Bitcoin mining criticisms, firms like Marathon, Bitmain, and Riot have continued to thrive.
The need to use green energy for Bitcoin mining continues to lead the demands for many crypto analysts and environmentalists, who believe that the aftermath effect of the high energy activity is debilitating. However, while there is no confirmation that Riot Blockchain and co. are exploring the idea of cleaner energy for mining Bitcoin, they remain the most profitable firms in the space.