Riot Platforms, a leading player in the cryptocurrency industry, has announced its plans to further expand its Bitcoin mining capabilities. The company will be purchasing additional miners from MicroBT Electronics Technology, bringing the total number of miners to an impressive 99,840.
The latest purchase order entails 66,560 state-of-the-art miners from MicroBT, which will provide Riot with a remarkable mining capacity of 18 EH/s. This is in addition to a previously announced purchase of 33,280 miners. The delivery and deployment for the new purchase order are slated to commence in the second half of 2024.
A significant portion of the new order will consist of MicroBT’s highly efficient M66S miner, which boasts an impressive efficiency rating of 18.5 joules per terahash. This makes it one of the most energy-efficient miners available on the market. The total consideration for this agreement amounts to $290.5 million, with an average price of $16/TH for all miners.
In addition to the new purchase order, Riot has also secured options to acquire up to an additional 265,000 miners from MicroBT. These options will be available on the same terms as the current agreement. If exercised in full, these additional miners could potentially increase Riot’s self-mining capacity by an astounding 75 EH/s. This would bring Riot’s total mining capacity to over 100 EH/s.
Riot Platforms continues to solidify its position as a major player in the Bitcoin mining industry. With this latest purchase order and potential future acquisitions, the company is poised for significant growth and expansion. As the demand for cryptocurrencies continues to rise, Riot is positioning itself to capitalize on these opportunities.