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Riot Platforms Announces Acquisition of New Bitcoin Miners
Riot Platforms, one of the globe's leading Bitcoin mining firms, has revealed plans to significantly enhance its mining operations. The company intends to procure 33,280 state-of-the-art Bitcoin miners, a move costing $162.9 million, for its Texas mining facility.
The high-performance mining machines, supplied by the renowned manufacturer MicroBT, are expected to augment the company's self-mining capability by 7.6 exahashes per second (EH/s). This strategic procurement comes ahead of Bitcoin's forthcoming halving cycle, projected for mid-2024.
Firm's CEO Comments on Mining Capacity Boost
On June 26, Riot Platforms' CEO Jason Les confirmed that this substantial acquisition would boost the company's self-mining capacity to a whopping 20.1 EH/s. This is expected to happen once the newly acquired machines are fully installed, a process slated for completion in Q1 2024.
"The additional 7.6 EH/s from the new miners will significantly improve Riot’s self-mining capability, bolstering our overall fleet efficiency ahead of the next Bitcoin halving," commented Les.
He further explained that the newly purchased miners were designed for immersion cooling systems, similar to those employed at the firm’s Corsicana facility.
Detailed Breakdown of the New Mining Rigs
The newly acquired lot comprises 8,320 M56S+ model machines with a hash rate of 220 terahashes per second (TH/s). The remaining 24,960 units are M56S++ models, slightly more potent, each delivering a hash rate of 230 TH/s.
Nevertheless, the entire consignment won't reach the company until December, and full deployment is anticipated only by mid-2024.
Riot Platforms also hinted at a potential purchase of 66,560 M56S++ models before the end of 2024. This could add an additional 15.3 EH/s to the firm's self-mining capacity. The company is keeping its options open on whether to exercise this opportunity in full or partially.
Stock Market Reaction and Other Industry Movements
Despite the expansion announcement, Riot’s share price saw a decline of 7.2% to $10.77 on June 26, as per Google Finance.
In related industry news, Akron Energy, another Bitcoin miner, recently announced its acquisition of a 200-megawatt (MW) mining facility in Hannibal, Ohio, for an undisclosed amount. This marks the Sydney-based company's first foray into the U.S. market following a $26 million fundraising round on June 20.
The company is poised to commence the first design phase of the Hannibal facility, which is expected to deliver 100 MW of power. Akron plans to offer hosting services to its institutional-scale clients in the Bitcoin industry.
