Riot Platforms Amplifies Bitcoin Mining Capabilities With Record $290.5 Million ASIC Acquisition

Riot Platforms, a leading bitcoin mining corporation, has recently made a groundbreaking expansion in its operations. With a record-breaking acquisition of Microbt’s latest Whatsminer M66S ASIC miners, Riot has secured a total of 66,560 units, boosting its mining capabilities by an impressive 18 exahash per second (EH/s). This substantial purchase, amounting to $290.5 million, marks Riot’s largest-ever investment and showcases the company’s dedication to remaining at the forefront of the industry. By leveraging cutting-edge technology, Riot aims to exceed 100 EH/s and solidify its position as a key player in the bitcoin mining sector.

Riot Platforms Amplifies Bitcoin Mining Capabilities With Record $290.5 Million ASIC Acquisition

The bitcoin mining corporation Riot Platforms recently made headlines with its announcement of a major expansion of its operations. As a publicly traded firm in the industry, Riot has completed its largest-ever acquisition of application-specific integrated circuit (ASIC) miners, purchasing 66,560 units of Microbt’s latest Whatsminer M66S models. This significant purchase is set to boost Riot’s current mining capabilities by 18 exahash per second (EH/s).

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Overview

Riot Platforms, a publicly traded firm operating from Texas and listed on the Nasdaq, has made a monumental investment in acquiring 18 EH/s of Microbt bitcoin miners. The company spent a total of $290.5 million on this acquisition, averaging a cost of $16 per terahash. This purchase represents Riot’s most significant investment to date, and it further solidifies the company’s position in the bitcoin mining industry.

Details of the Acquisition

In this acquisition, Riot Platforms secured 66,560 units of Microbt’s Whatsminer M66S models. These advanced miners are immersion-cooled devices with an efficiency rate of 18.5 joules per terahash (J/T). According to Microbt’s product specifications, these high-performance miners are capable of generating between 270 and 298 terahash per second (TH/s). This acquisition follows Riot’s previous purchase in June of 7.8 EH/s, consisting of 33,280 Microbt ASIC bitcoin miners.

Expansion of Operations

With this acquisition, Riot Platforms is significantly expanding its bitcoin mining operations. The addition of 18 EH/s of mining power will boost the company’s capabilities and increase its competitiveness in the industry. By increasing its mining hash rate, Riot Platforms aims to enhance its ability to mine bitcoin and generate profits.

Acquisition Cost and Future Options

Riot Platforms invested a total of $290.5 million in acquiring the Microbt ASIC miners. This investment reflects the company’s confidence in the future of bitcoin mining and its commitment to growing its operations. Additionally, Riot has negotiated future options to purchase an additional 75 EH/s of hardware from Microbt. If exercised, these options would further increase Riot’s mining capabilities and position the company as a major player in the industry.

Features of Microbt’s Whatsminer M66S Models

The acquired Microbt Whatsminer M66S models are advanced immersion-cooled ASIC miners. These devices have been specifically designed for efficient bitcoin mining, boasting an efficiency rate of 18.5 J/T. The immersion cooling technology used in these miners helps to ensure the optimal performance and longevity of the hardware, allowing for more effective and prolonged mining operations.

Specifications of the ASIC Miners

Microbt’s Whatsminer M66S models have impressive specifications that make them ideal for bitcoin mining. With a hash rate range of 270-298 TH/s, these miners are capable of performing high-speed calculations required for mining bitcoin. The high hash rate allows for a greater number of mining attempts per second, increasing the chances of successfully mining bitcoin and earning rewards.

Deployment Schedule

The deployment of the acquired ASIC miners is scheduled to take place in stages. The previous acquisition of 7.8 EH/s is set to be deployed by the first quarter of 2024, while the latest 18 EH/s of immersion-cooled miners are planned for operational deployment in the latter half of 2024. This phased deployment strategy allows Riot Platforms to efficiently manage the integration of the new hardware into its existing mining infrastructure.

CEO’s Enthusiasm for Expansion

Jason Les, the CEO of Riot Platforms, expressed his enthusiasm for the company’s ongoing expansion and the acquisition of Microbt’s ASIC miners. In a statement released on Monday, Les highlighted the company’s commitment to its vertically-integrated strategy and the development of its infrastructure. He also emphasized Riot’s strong relationship with Microbt and its plans to exceed 100 EH/s of mining power in the coming years.

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Updated Agreement with Microbt

As part of the acquisition, Riot Platforms has updated its agreement with Microbt, securing an option to purchase an additional 265,000 Whatsminer models from the company. This option provides Riot with the opportunity to further increase its mining fleet’s capacity beyond 100 EH/s. This updated agreement demonstrates the strong partnership between Riot Platforms and Microbt, solidifying their collaboration in the bitcoin mining industry.

Share Price Increase

Following the announcement of the acquisition, Riot Platforms’ shares (Nasdaq: RIOT) witnessed a 9% increase against the U.S. dollar. This surge in share price reflects the market’s positive response to Riot’s expansion plans and its investment in advanced ASIC miners. Notably, Riot’s stock has seen a significant 294% increase year-to-date, highlighting the investor confidence in the company’s growth potential.

In conclusion, Riot Platforms’ acquisition of Microbt’s ASIC miners represents a significant milestone in the company’s expansion plans. With a substantial increase in mining capabilities, Riot is well-positioned to strengthen its presence in the bitcoin mining industry and capitalize on the growing demand for cryptocurrencies. The company’s strategic investments and partnerships, as well as its commitment to technological innovation, ensure that Riot Platforms remains at the forefront of the ever-evolving bitcoin mining landscape.

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