Giant Investment From Riot Platforms
Riot Platforms, one of the world’s largest Bitcoin mining companies, has made a significant move in expanding its operations. The company recently acquired 33,280 “next-generation” Bitcoin miners from MicroBT, a prominent mining manufacturer, for its Texas facility. The purchase, valued at $162.9 million, is expected to greatly enhance Riot’s self-mining capacity.
The newly acquired rigs, specifically designed for immersion cooling systems, will enable Riot Platforms to increase its self-mining capacity by a substantial 7.6 exahashes per second (EH/s). This boost comes at a strategic time, as it coincides with Bitcoin’s upcoming halving cycle, scheduled for mid-2024. The additional mining power aims to bolster Riot’s fleet efficiency and strengthen its competitive position in the market.
According to Riot Platforms CEO Jason Les, this deal will elevate the company’s self-mining capacity to an impressive 20.1 EH/s once the machines are fully installed in the first quarter of 2024. Les emphasized the significance of these new miners, stating, “These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance our already strong fleet efficiency in advance of the upcoming Bitcoin halving.” The machines’ arrival is anticipated in December, with complete deployment expected to be achieved by mid-2024.
The batch of 33,280 machines consists of two models. The M56S+ models, totaling 8,320 units, boast a hash rate of 220 terahashes per second (TH/s). The remaining 24,960 units are the more powerful M56S++ models, capable of delivering a hash rate of 230 TH/s.
Riot Platforms has even more ambitious plans on the horizon. The company has the option to purchase an additional 66,560 M56S++ models before December 31, 2024. If exercised, this would result in a remarkable 15.3 EH/s increase in the firm’s self-mining capacity, solidifying its position as a major player in the Bitcoin mining industry.
Despite these groundbreaking developments, Riot experienced a minor setback in the stock market. On June 26, the company’s share price dropped by 7.2% to $10.77, according to data from Google Finance. The market reaction reflects the complex dynamics and volatility inherent in the cryptocurrency sector.