Bitcoin miner Riot Platforms gears up for halving with strategic $290M hardware investment Bitcoin miner Riot Platforms gears up for halving with strategic $290M hardware investment
Texas-based Riot Platforms ramps up mining power with a landmark 18 EH/s Bitcoin miner order.
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Updated: Dec. 4, 2023 at 7:08 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Texas-based Bitcoin (BTC) miner Riot Platforms secured its largest-ever order of hash rate through the acquisition of 66,560 units of BTC miners, representing 18 EH/s, from MicroBT for $290.5 million, according to a Dec. 4 statement.
Riot furthered that it also obtained options to acquire 265,000 additional miners from MicroBT, which would add up to 75 EH/s to its hashrate. This move, the firm explained, aligns with its goal of achieving a 100 EH/s hash rate capacity. The miner had previously announced the purchase of 33,280 miners in June.
Per the statement, the deployment for the initially purchased 33,280 miners will take place during the first quarter of next year ahead of the highly anticipated BTC halving event, while the delivery and deployment for the new purchases will commence during the second half of the same year.
The Bitcoin miner added that it expects the deployments of all miners it purchased to be completed by the second half of 2025. According to Riot, by the second half of 2025, their self-mining capacity should exceed a hash rate of 38 EH/s.
CEO Jason Les described the order as the company’s largest hash-rate purchase. He expressed confidence in maintaining ownership and operation of one of the world’s most substantial and efficient Bitcoin mining fleets.
Les further emphasized Riot’s enthusiasm in strengthening its collaboration with MicroBT, reinforcing their pursuit of achieving the 100 EH/s milestone. He added:
“Alongside Riot’s commitment for hash rate growth, we are actively building out the infrastructure at our Corsicana Facility, consistent with our long-standing, proven, vertically-integrated strategy.”
Earlier today, CryptoSlate Insight noted that Bitcoin is witnessing a significant surge in its hash rate, with the recent figures setting new single-day records. The update noted that the blockchain network’s next difficulty adjustment is poised to be the seventh consecutive positive adjustment.
Meanwhile, this purchase news, alongside BTC’s rally past $41,000, pushed Riot’s stocks up by nearly 6% in the last 24 hours, reaching approximately $14.52 as of press time, according to Nasdaq data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
