Riot Platforms, Inc. RIOT shares are on watch Wednesday as the broader markets, including the price of Bitcoin BTC/USD, slip.

The Details:

Riot announced the acquisition of Block Mining on Tuesday, a bitcoin miner with significant power resources which can support up to 305 MW by the end of 2025. 

The acquisition also allows Riot to increase its hashrate targets to 36.3 EH/s by the end of 2024 and 56.6 EH/s by the end of 2025.

“Riot aims to solidify their position as one of the three largest U.S.-listed miners by hashrate and power pipeline,” JPMorgan analyst Reginald L. Smith emphasized in a research note. 

Read Next: What’s Going On With Carnival…

Read more on Benzinga