Riot Blockchain, a crypto miner and data center host, has signed a long-term purchase agreement with MicroBT Electronics Technology to acquire 33,280 next-generation Bitcoin miners in the United States for $162.9 million. The purchase aims to increase Riot’s self-mining capacity and improve fleet efficiency ahead of the next Bitcoin halving. The miners will be deployed in the first quarter of 2024, resulting in a significant expansion of Riot’s mining capabilities. Riot also has the option to purchase an additional 66,560 miners. The partnership between Riot and MicroBT establishes a domestic supply chain in the US and strengthens the company’s position before the halving event. Riot CEO Jason Les expressed enthusiasm for the collaboration and emphasized the compatibility of the new miners with Riot’s cooling systems. MicroBT COO Jordan Chen praised the technological advancements achieved with the new miners and highlighted the importance of manufacturing machines in the US. Another North America-based mining company, Hut 8, recently secured a $50 million loan and is considering a potential merger with US Bitcoin Corp. The impact of the 2024 Bitcoin halving on the market is uncertain, according to Coinbase, but the approval of Bitcoin ETFs could inject liquidity into the market. Bitcoin’s price remains above $30,000, and Bhutan and Kenya are emerging as promising destinations for renewable energy-based mining operations.
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