Riot Platforms, Inc. Strengthens Bitcoin Mining Capabilities with MicroBT Partnership
In a move to enhance its Bitcoin mining capabilities, Riot Platforms, Inc. has intensified its collaboration with MicroBT Electronics Technology Co., LTD. The partnership involves the execution of a substantial purchase option, which will supplement Riot’s current mining power and solidify its position in the industry.
Acquisition of MicroBT’s Latest-Generation Miners
Riot will acquire 66,560 of MicroBT’s latest-generation miners, in addition to a previous order of 33,280 units. This will significantly increase Riot’s self-mining hash rate capacity to surpass 38 EH/s. The company also has the option to purchase up to 265,000 additional miners, potentially expanding its capacity to over 100 EH/s.
Advancements in Mining Technology
The newly ordered miners are MicroBT’s most efficient model to date, with an efficiency rating of 18.5 Joules per terahash (TH). These miners will be manufactured in the United States and tailored for immersion cooling, improving their lifespan and efficiency.
Strategic Acquisition and Deployment Plan
The investment in these miners amounts to $290.5 million, emphasizing Riot’s commitment to growing its hash rate while maintaining cost-effectiveness. The initial batch of 33,280 miners will be deployed in Q1 2024, followed by the deployment of the additional 66,560 miners in the second half of 2024. The full deployment is expected to be completed by the second half of 2025.
Positive Reaction in RIOT Stock Price
Riot Blockchain’s stock price experienced a notable surge following the announcement, increasing by 12.35% within 24 hours. This reflects investor confidence in Riot’s strategic expansion and its partnership with MicroBT.
CEO and COO Express Enthusiasm
Riot’s CEO, Jason Les, expressed excitement about the significant hash rate order, highlighting its importance in maintaining the company’s leadership in the Bitcoin mining industry. MicroBT’s COO, Jordan Chen, reciprocated the sentiment, emphasizing the fruitful collaboration between the two companies.
Hot Take: Riot Platforms Strengthens Bitcoin Mining Capabilities Through Partnership with MicroBT
Riot Platforms, Inc. has taken a significant step to enhance its Bitcoin mining capabilities by intensifying its collaboration with MicroBT Electronics Technology Co., LTD. The acquisition of MicroBT’s latest-generation miners will significantly increase Riot’s self-mining hash rate capacity, solidifying its position in the industry. This strategic move reflects Riot’s commitment to technological advancements and operational efficiency. The positive market reaction, as reflected in the surge in RIOT stock price, demonstrates investor confidence in Riot’s growth plans and reinforced partnership. With this partnership, Riot is poised to further establish itself as a leader in the Bitcoin mining sector.
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