News
Riot Platforms bolsters hash rate with $97.4 million purchase of MicroBT miners
Riot Platforms, Inc. (NASDAQ: RIOT), a pioneer in vertically integrated Bitcoin mining, has taken a significant step to amplify its mining operations. The company announced a substantial investment in a new batch of mining hardware, purchasing 31,500 WhatsMiner M60S miners from the illustrious manufacturer MicroBT for a total of $97.4 million. This strategic acquisition is intended to replace less efficient miners and add significant hash rate capacity at Riot’s flagship facility, Rockdale.
Expanding hash rate capacity
The purchase costs approximately $16.50 per terahash (TH), reflecting the focus on improving operational efficiency and overall hash rate. The 31,500 miners boast a combined total of 5.9 exahash per second (EH/s), which contributes significantly to the company’s ambitious goals. Riot’s foresight in hash rate growth is evident as it plans to reach a target of 31 EH/s by the end of 2024, incorporating expansion at both its Rockdale and future Corsicana facilities.
Distribution and operational impact
Scheduled for delivery in May and June 2024, the new miners will increase the Rockdale Facility’s auto-mining hash rate from the current 12.4 EH/s to approximately 15.1 EH/s by the end of July 2024. Approximately they will be added 14,500 miners at the Rockdale facility’s capacity and approximately 17,000 will replace existing lower-performing hardware.
The M60S miners are the latest generation air-cooled MicroBT machines, each offering an efficiency of 18.5 joules per TH and an output of approximately 186 TH/s. This upgrade is expected to result in improved operational uptime and energy efficiency, as these units are considered the most efficient produced by MicroBT to date.
Revolt reported significant operational growth in 2023, with total revenue of $280.7 million, up from $259.2 million in 2022, according to Blockchain.News. The company reported a 19% increase in Bitcoin production, with 6,626 Bitcoins mined. Riot’s strategic energy strategy earned $71.2 million in energy credits during the supply/demand issues. The company has expanded its Rockdale and Corsicana facilities, with the goal of becoming the largest dedicated Bitcoin mining facility in the world. Riot’s financial health was strong, with a solid balance sheet and a 33% decrease in Bitcoin mining costs.
CEO Perspectives
Riot CEO Jason Les expressed excitement about the acquisition: “This order not only increases our hash rate, but also significantly improves our operational efficiency.” Les further added that the investment underlines Riot’s commitment to becoming a leading low-cost Bitcoin miner and enhancing its industry-leading fleet.
Jordan Chen, COO of MicroBT, also commented on the strengthened partnership with Riot and the shared vision for a 100+ EH/s mining fleet in the future.
About MicroBT, WhatsMiner and Riot Platforms, Inc.
MicroBT is a blockchain technology company specializing in integrated circuit chips and high-performance computing solutions. It recently started producing Bitcoin mining hardware in the United States. WhatsMiner, a leading brand of mining hardware developed by MicroBT, is recognized for its efficiency and convenience and enjoys widespread use globally.
Riot Platforms, Inc. aspires to become the world’s leading Bitcoin-based infrastructure platform, positively impacting industries, networks and communities. With its integrated strategy, Riot does data center hosting, Bitcoin mining, and electrical panel design and manufacturing in Central Texas and Denver, Colorado.
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