Riot Platforms has signed a term sheet with Rhodium to acquire some of its assets for a consideration of $185 million

Golden Finance reports that Riot Platforms, a Bitcoin mining company listed on NASDAQ, Inc. announced that it has signed a non binding term sheet, and its wholly-owned subsidiary Whinstone may acquire specific assets owned by Bitcoin miner Rhodium Encore LLC at the Rockdale mine. According to the terms, Whinstone will provide Rhodium with a total consideration of $185 million, including $129.9 million in cash, a refund of Rhodium's electricity deposit of $6.1 million, and $49 million worth of Riot shares. Rhodium will transfer ownership of all tangible property located at the Rockdale mine, including all ASIC mining machines. Whinstone and Rhodium will also each withdraw all existing lawsuits, including appeals, and waive all future claims unrelated to the completion of the transaction. Previously, Rhodium filed for voluntary bankruptcy under Chapter 11 of the Southern District of Texas Bankruptcy Court in August last year, disclosing up to $100 million in debt, and sold its Temple mine for $40.6 million in December, but most of its mining machines are mainly hosted at the Rockdale mine.