Bitcoin Miner Riot Platforms Makes Major Purchase of Mining Rigs
Riot Platforms, a Bitcoin mining company, has acquired 66,560 Bitcoin mining rigs from manufacturer MicroBT in one of its largest orders ever. This purchase comes ahead of the Bitcoin halving event scheduled for April 2024. The additional purchase agreement is valued at $290.5 million, with Riot paying an average of $4,360 for each machine.
Expanded Purchase Agreement with MicroBT
Riot had an initial agreement with MicroBT to purchase 33,280 machines in June. They have now updated this agreement to include options for Riot to buy up to 265,000 additional miners from MicroBT under the same terms as the new order.
Increasing Mining Performance
Riot’s CEO Jason Les believes that this purchase order represents the largest order of hash rate in the company’s history. He hopes that the updated agreement will further strengthen Riot’s mining performance.
New Machines and Deployment Timeline
The majority of the newly purchased machines will be MicroBT’s latest model, the M66S, which has a hash rate of 250 terahashes per second (TH/s). The remaining machines will consist of the M66 and M56S++ models. In total, these miners will add 18 exahashes per second (EH/s) to Riot’s operations.
The first batch of miners bought in June will start deploying in Q1 2024, while the newest batch will deploy in H2 2024. Once fully installed and operating, Riot expects its self-mining hash rate capacity to reach 38 EH/s by H2 2025.
Bitcoin Miners Increase Production; Hut 8 Corp Begins Trading
In other news, Bitcoin miner CleanSpark saw a significant increase in production from fees, while TeraWulf reported higher network transaction fees as well. Additionally, Hut 8 Corp began trading on the NASDAQ and Toronto Stock Exchange.
Hot Take: Bitcoin Mining Companies Continue to Expand
Bitcoin mining companies like Riot Platforms, CleanSpark, and TeraWulf are increasing their production and expanding their operations. This growth in the mining industry is driven by factors such as rising interest in cryptocurrencies and the upcoming Bitcoin halving event. As these companies acquire more mining rigs and improve their mining performance, they contribute to the overall security and stability of the Bitcoin network. However, market fluctuations can still impact the stock prices of these companies, as seen with Hut 8 Corp’s initial decline in trading.
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