Jason Les talks about Riot's plans
The CEO of well-known miner Riot Blockchain called his company one of the best buyers in the entire cryptocurrency mining industry, which is ready for consolidation in the current difficult period.
However, according to Les, Riot is not busy looking for large-scale deals, as all efforts are focused on expansion. The company is preparing to get another 5,000 S19 units in addition to the 5,5728 asics it already has. For the end of September, the total hash rate was 5.6 EH/s. Jason Les noted that:
It is a kind of sprint and needs to build all the necessary infrastructure and launch miners as soon as possible.
Is the mining industry facing mergers and acquisitions?
Riot Blockchain is one of the largest and most publicly traded companies in its industry. There is reason to believe that the company has already done everything necessary to overcome the current downturn. Although the CEO is in no hurry to speak about the financial situation, Q3 figures will be announced as early as next month. What is known, however, is that the company held 6,775 BTC in September and had a balance sheet of $270 million in cash.
Overall, acquisitions are a familiar process for Riot. For example, the 2021 BTC mining site Whinstone in Texas was bought. Late last year, there was information about the purchase of ESS Metron, which was to help install miners more quickly using the critical infrastructure. Jason Les noted after the ESS Metron deal:
This is a vertical integration strategy that may not be about BTC mining.
Overall, according to the CEO of Riot Blockchain, several mergers and acquisitions are expected among miners. Those miners had the opportunity for rapid growth in a bull market.