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Riot Platforms Expands Mining Capacity with Major ASIC Miner Acquisition

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Riot Platforms, a key player in the Bitcoin mining industry and a publicly traded company, has recently made headlines with a major expansion move. The firm has completed the purchase of many application-specific integrated circuit (ASIC) miners, significantly enhancing its Bitcoin mining capabilities.

The company, which operates out of Texas and is listed on Nasdaq, announced an investment of $290.5 million to acquire 18 exahash per second (EH/s) of Microbt bitcoin miners. This translates to an average cost of $16 per terahash. The acquisition involves 66,560 units of Microbt’s latest model, the Whatsminer M66S, and represents Riot’s largest investment. Additionally, Riot has negotiated options for purchasing up to 75 EH/s of hardware from the same manufacturer.

These 66,560 Microbt Whatsminer M66S units are a part of Riot’s strategic plan to expand its operations. The Microbt ASIC miners are advanced, immersion-cooled devices with an efficiency rate of 18.5 joules per terahash (J/T). According to Microbt’s product specifications, these miners can produce between 270 and 298 terahash per second (TH/s).

This latest purchase follows Riot’s previous acquisition of 33,280 Microbt ASIC bitcoin miners in June, adding 7.8 EH/s to their mining capabilities. The earlier acquisition is scheduled for deployment by the first quarter of 2024, while the newly acquired 18 EH/s of miners are expected to be operational in the second half of 2024.

Jason Les, CEO of Riot, expressed excitement about the company’s growth, noting the ongoing development at their Corsicana Facility and the aim to reach and exceed 100 EH/s in the coming years. He highlighted Riot’s commitment to a long-standing, vertically integrated strategy and the strengthening of its relationship with Microbt.

In addition to the current purchase, Riot has updated its agreement with Microbt, securing an option to buy an additional 265,000 Whatsminer models. If Riot exercises this option, the capacity of its mining fleet could exceed 100 EH/s. Following this announcement, Riot’s shares (Nasdaq: RIOT) saw a 9% increase, adding to a significant 294% increase year-to-date.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a crypto blog writer, he is sharing his knowledge of the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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