Share this article
Riot Platforms’ Acquisition of Block Mining Makes Sense, JPMorgan Says
Riot will have the second-largest capacity among U.S. listed bitcoin miners following the purchase, and the deal serves as the latest evaluation of underdeveloped power assets, the report said.
Updated Jul 24, 2024, 12:06 p.m. Published Jul 24, 2024, 12:03 p.m.
- Riot’s acquisition of rival bitcoin miner Block Mining makes sense, the report said.
- JPMorgan noted that Riot will have the second-largest capacity of the U.S.-listed bitcoin miners.
- The bank has an overweight rating on Riot stock with a $12 price target.
Riot Platform’s (RIOT) 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), JPMorgan (JPM) said in a research report on Wednesday.
Riot will have the second-largest capacity among U.S. listed bitcoin miners following the acquisition, and the deal also “serves as the latest appraisal of undeveloped power assets,” analysts Reginald Smith and Charles Pearce wrote.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Still, the announcement is surprising, given the expansion potential at Riot’s Corsicana site in Texas, the report said.
The Block Mining acquisition is not the company’s only attempt at M&A in recent months. Riot recently dropped a proposal to buy peer Bitfarms (BITF) and is looking to overhaul that target's board before engaging in further takeover attempts.
JPMorgan notes that the Block Mining deal will add 1 exahash per second (EH/s) to Riot’s hashrate, a measure of its computational power, and may contribute up to 16 EH/s by the end of 2025. The hashrate is a proxy for competition in the industry and mining difficulty.
The bank has an overweight rating on Riot shares with a $12 price target. Riot was trading 0.5% higher at $11.65 in early trading on Wednesday.
Broker Bernstein said Riot was best suited to consolidate the bitcoin mining sector, in a report in May.
Read more: Riot Platforms Is Best Suited to Consolidate Bitcoin Mining Sector: Bernstein
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Farcaster Switches to Wallet-First Strategy to Grow Its Social App
The protocol still consists of casts, follows, reactions, identities and wallets, and third-party clients are free to emphasize whichever components they want.
What to know:
- Farcaster is shifting its focus from social media to its in-app wallet and trading features to drive user engagement.
- Cofounder Dan Romero acknowledged the lack of sustainable growth in their social-first strategy over the past 4.5 years.
- The wallet's trading tools have shown the strongest product-market fit, leading to a strategic pivot towards financial use cases.
Top Stories
