Riot Platforms, a prominent Bitcoin mining company, has made a significant stride in strengthening its Bitcoin mining capacity. The firm has exercised a substantial purchase option with MicroBT Electronics Technology Co, acquiring 18 EH/s (exahashes per second) of the latest-generation Bitcoin miners at a total cost of $291 million.
This substantial acquisition comprises 66,560 cutting-edge miners, primarily featuring MicroBT's advanced M66S model known for its impressive efficiency rating of 18.5 Joules per terahash ("TH"). Riot's deployment plan outlines the commencement of the previously announced order of 33,280 miners in the first quarter of 2024, followed by the integration of an additional 66,560 miners slated for deployment in the latter half of 2024. Riot aims to surpass 38 EH/s in self-mining hash rate capacity by the second half of 2025.
Moreover, Riot has revamped its long-term agreement with MicroBT, securing options to potentially acquire up to 265,000 additional miners. This strategic move positions Riot to potentially exceed 100 EH/s in self-mining capacity, solidifying its standing in the competitive Bitcoin mining landscape.
Jason Les, CEO of Riot Platforms, expressed enthusiasm for this substantial hash rate acquisition, emphasizing the company's commitment to maintaining one of the world's most significant and efficient Bitcoin mining fleets. He highlighted the strategic pricing of future purchase options, allowing Riot to effectively plan future capital requirements.
Jordan Chen, COO of MicroBT, echoed Les's sentiments, expressing excitement about the strengthened collaboration and MicroBT's commitment to supporting Riot's endeavor to become a leading Bitcoin infrastructure platform.
This move aligns with Riot's strategy to amplify its Bitcoin mining operations and infrastructure, positioning itself as a key player in the dynamic and ever-evolving cryptocurrency mining sector.