Riot Platforms Subsidiary Whinstone to Acquire Rhodium Assets in Rockdale

According to Foresight News, Nasdaq-listed Bitcoin mining company Riot Platforms, Inc. has announced that its wholly-owned subsidiary, Whinstone, has signed a non-binding term sheet to potentially acquire specific assets from Bitcoin mining firm Rhodium Encore LLC at the Rockdale mining site. Under the terms, Whinstone will provide Rhodium with a total consideration of $185 million. This includes $129.9 million in cash, the return of Rhodium's $6.1 million power deposit, and $49 million worth of Riot shares. In exchange, Rhodium will transfer ownership of all tangible assets at the Rockdale site, including all ASIC miners. Additionally, both Whinstone and Rhodium will withdraw all existing litigation, including appeals, and waive any future claims unrelated to the completion of the transaction. Previously, Foresight News reported that Rhodium filed for voluntary bankruptcy under Chapter 11 in the Southern District of Texas last August, revealing debts of up to $100 million. In December, Rhodium sold its Temple mining site for $40.6 million, although most of its mining equipment remains hosted at the Rockdale site.