Riot Platforms, one of the world’s largest Bitcoin mining businesses, has made a significant investment of $162.9 million to purchase 33,280 “next-generation” miners from MicroBT, a leading supplier of mining equipment. The company announced this development on June 26, 2023, via post on its website.
Jason Les, Riot Platforms’s CEO, noted that the purchase would boost Riot Platforms’ self-mining capacity by 7.6 exahashes per second (EH/s) at its Texas plant and ultimately increase the company’s self-mining capacity to 20.1 EH/s once the equipment is deployed
Les added that these new miners would also significantly improve the efficiency of their mining fleet in anticipation of the upcoming Bitcoin halving.
The delivery of the equipment is scheduled for December 2023, with full deployment expected by mid-2024.
The 33,280 machines purchased by Riot Platforms consist of two models: 8,320 M56S+ units with a hash rate of 220 terahashes per second (TH/s), and 24,960 M56S++ units with a hash rate of 230 TH/s. These rigs are specifically designed for “immersion cooling systems,” similar to the ones used at Riot’s Corsicana factory.
Riot Platforms also announced a potential acquisition of an additional 66,560 M56S++ units before December 31, 2024. This would increase the company’s self-mining capacity by 15.3 EH/s. The company noted that it retains the option to fulfill this purchase agreement either entirely or partially.
This capacity enhancement by Riot Platforms follows similar moves by other major Bitcoin mining companies. For instance, on June 21, 2023, Akron Energy, a Sydney-based Bitcoin mining company, announced its purchase of a 200 MW mining plant in Hannibal, Ohio, as part of its expansion into the United States. Akron Energy aims to expedite the initial design phase of the Hannibal project and generate 100 MW of electricity to offer hosting services to institutional-scale clients in the Bitcoin sector.
Additionally, Hut 8 Mining, another Bitcoin mining startup, secured a $50 million credit line from Coinbase on June 26, 2023. The company noted that funds from this loan would be used for general business purposes and provide it with increased financial flexibility, particularly as the Bitcoin halving event approaches.
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