On March 24th, COINOTAG reported that Riot Platforms is set to acquire the assets of Rhodium Encore’s Bitcoin mining facility in Rockdale, Texas for approximately $185 million. This move is part of a strategy to resolve ongoing litigation between the two firms. Riot’s subsidiary, Whinstone US, has entered into a non-binding agreement to purchase significant tangible assets, including ASIC mining equipment and a robust 125-megawatt power capacity.
The structured deal entails a payment of $129.9 million in cash, along with a reimbursement of a $6.1 million security deposit related to power supply, and an issuance of stock amounting to $49 million. Following the completion of this transaction, Rhodium is expected to vacate its Rockdale facility within three business days, subsequently transferring all operational equipment to Riot, thus enhancing its mining capabilities.