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Bitcoin miner Riot Blockchain plans to sell common stock for $500 million

 


In official filings with the US Securities and Exchange Commission, major mining company Riot Blockchain has announced that it is selling $500 million worth of common stock to cover other operating expenses, including operating expenses, outstanding debt, ongoing capital expenditures and investments into future projects.


After the sale, the company would have more than 139 million common shares remaining, which at current prices would still have a market value of nearly $3 billion. In total, the company may sell up to 170 million ordinary shares.

Currently, Riot Blockchain operates a fleet of Bitmain Technologies branded Antminers. By the fourth quarter, the company plans to expand its Bitcoin ( BTC ) mining machines to more than 80,000 units. The company's mining power is said to increase to 7.7 exahashes per second, which in theory would account for 3.8% of the total hash rate of the Bitcoin network. Riot Blockchain's mining rigs are mostly located in a data center in Rockdale, Texas, which is a particularly suitable location because of the region's low electricity costs.


Last October, Riot Blockchain reported that its own production had tripled compared to the previous year . By its own account, the company had already mined $194 million in the form of BTC at that point. However, when a massive snowstorm rolled towards Texas in February, the company had to temporarily shut down its operations . According to official business figures, Riot's tangible assets at the end of 2021 were $834.6 million, which mainly consisted of facilities, equipment and real estate.

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