Riot Platforms Expands Bitcoin Mining Capabilities with $290.5 Million ASIC Acquisition
Riot Platforms, a publicly traded bitcoin mining corporation based in Texas, has recently made its largest-ever acquisition of application-specific integrated circuit (ASIC) miners. The company has purchased 66,560 units of Microbt’s latest Whatsminer M66S models, a move that will increase Riot’s mining capabilities by 18 exahash per second (EH/s).
A Monumental Investment
Riot has invested a staggering $290.5 million in acquiring these ASIC miners, which will add 18 EH/s of mining power to the company’s operations. The average cost of this acquisition is $16 per terahash. Riot has also secured future options to purchase an additional 75 EH/s of hardware from Microbt.
Moving towards Expansion
The 66,560 units of Microbt’s Whatsminer M66S models that Riot has ordered are high-performance immersion-cooled devices, known for their efficiency rate of 18.5 joules per terahash (J/T). These advanced miners can generate between 270 and 298 terahash per second (TH/s) according to Microbt’s product specifications.
A Growing Operation
This recent acquisition follows Riot’s previous purchase of 7.8 EH/s in June, which consisted of 33,280 Microbt ASIC bitcoin miners. The deployment of these miners is scheduled for the first quarter of 2024. The newly acquired 18 EH/s immersion-cooled miners are expected to be deployed in the second half of 2024.
CEO’s Enthusiasm
Riot’s CEO, Jason Les, expressed his excitement about the company’s expansion plans and their strengthened relationship with Microbt. He stated that Riot aims to exceed 100 EH/s in the coming years and is actively building the necessary infrastructure to achieve this goal at their Corsicana Facility.
Future Expansion Possibilities
In addition to the current acquisition, Riot has secured an option to purchase an additional 265,000 Whatsminer models from Microbt. This means that Riot could potentially increase its fleet’s capacity beyond 100 EH/s. Following the announcement, Riot’s shares witnessed a 9% increase, and the company’s stock has seen a significant 294% growth year-to-date.
Hot Take: Riot Platforms Continues to Strengthen its Bitcoin Mining Operations
Riot Platforms, a leading bitcoin mining corporation, has made its largest-ever acquisition of ASIC miners, boosting its mining capabilities by 18 EH/s. With a monumental investment of $290.5 million, Riot aims to exceed 100 EH/s in the future. This expansion comes after Riot’s previous purchase of 7.8 EH/s. The newly acquired ASIC miners boast high performance and energy efficiency, contributing to Riot’s growing mining operation. The company’s CEO expressed enthusiasm for the expansion and the strengthened relationship with Microbt. As Riot secures options for future hardware purchases, its potential for further growth in mining capacity remains strong, reflecting positively on the company’s shares.
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