Riot Platforms has invested $97.4 million in MicroBT’s state-of-the-art mining hardware to expand the efficiency and capacity of its Rockdale mining facility.
Riot Platforms, Inc. (NASDAQ: RIOT), a pioneer in vertically integrated Bitcoin mining, has taken significant steps to expand its mining operations. The company announced a significant investment in a new batch of mining hardware, purchasing 31,500 WhatsMiner M60S miners from renowned manufacturer MicroBT for a total of $97.4 million. The strategic acquisition is set to replace less efficient miners and add significant hash rate capacity to Riot’s flagship Rockdale facility.
Hash rate capacity expansion
The purchase cost is approximately $16.50 per Terahash (TH), reflecting the focus on operational efficiency and increasing the overall hash rate. The 31,500 miners boast a total of 5.9 exahashes per second (EH/s), which contributes significantly to the company’s ambitious goals. Riot’s foresight for hashrate growth is evident as it expects to reach its target of 31 EH/s by the end of 2024, incorporating expansion of both the Rockdale and upcoming Corsicana facilities.
Deployment and operational impact
The new miners, scheduled for delivery in May and June 2024, will increase the Rockdale Facility’s own mining hash rate from the current 12.4 EH/s to approximately 15.1 EH/s by the end of July 2024. Approximately 14,500 miners will be added. It will increase capacity at the Rockdale facility and replace approximately 17,000 pieces of existing, deteriorating hardware.
The M60S miners are MicroBT’s latest generation of air-cooled machines, each offering an efficiency of 18.5J per TH and an output of approximately 186TH/s. This upgrade is expected to improve operational uptime and energy efficiency, as it is said to be the most efficient device MicroBT has produced to date.
According to Blockchain.News, Riot reported significant operating growth in total revenue of $280.7 million in 2023, up from $259.2 million in 2022. The company saw a 19% increase in Bitcoin production, with 6,626 Bitcoins mined. Riot’s strategic power strategy earned $71.2 million in power credits during supply/demand issues. The company expanded its Rockdale and Corsicana facilities with the goal of becoming the world’s largest dedicated Bitcoin mining facility. Riot’s financial health was strong, its balance sheet was strong, and its Bitcoin mining costs had decreased by 33%.
chief executive aspect
Riot CEO Jason Les expressed enthusiasm about the acquisition: “This order not only increases hash rate but also significantly improves operational efficiency.” Les added that this investment highlights Riot’s commitment to becoming a leading low-cost Bitcoin miner and strengthening its industry-leading equipment.
Jordan Chen, COO of MicroBT, also commented on the strengthened partnership with Riot and their shared vision for a future 100+ EH/s mining fleet.
About MicroBT and WhatsMiner Riot Platforms, Inc.
MicroBT is a blockchain technology company focused on integrated circuit chips and high-performance computing solutions. It recently began manufacturing Bitcoin mining hardware in the United States. WhatsMiner, a leading brand of mining hardware developed by MicroBT, is widely used around the world for its efficiency and cost-effectiveness.
Riot Platforms, Inc. aspires to be the world’s leading Bitcoin-based infrastructure platform that positively impacts sectors, networks, and communities. Through its integrated strategy, Riot conducts data center hosting, Bitcoin mining, and electrical switchgear engineering and manufacturing in Central Texas and Denver, Colorado.
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