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Riot Platforms buys 1M in BTC rigs as miners rake it in from Ordinals

ASIC

It adds to a prior agreement in which Riot bought 33,280 miners from MicroBT. The term sheet was also updated, allowing Riot to buy another 265,000 miners in the future.

Bitcoin miner Riot Platforms is buying 66,560 Bitcoin mining rigs from manufacturer MicroBT, in one of its largest orders of hash-rate in the firm’s history — ahead of the Bitcoin halving scheduled for April 2024.

The additional purchase agreement totaled $290.5 million, Riot stated in a Dec.

$Riot Exercises Purchase Option on 18 EH/s of Latest Generation Immersion Miners from MicroBT, and Secures Additional Purchase Options Providing a Path to Exceed 100 EH/s.

- Riot places order for 18 EH/s of latest generation MicroBT Bitcoin miners, primarily consisting of the… pic.twitter.com/tEEudV6Z8n
(@RiotPlatforms) December 4, 2023

The right-to-purchase option was included in Riot’s initial agreement with MicroBT when it agreed to buy 33,280 machines from MicroBT in June.

Riot’s CEO Jason Les said the purchase order is “the largest order of hash rate” in the company’s history and hopes the updated agreement will enable Riot’s mining performance to strengthen further.

Over 48,000 or 72% of the new machines will be MicroBT’s latest model, the M66S, which has a hash rate of 250 terahashes per second (TH/s), while the remaining machines will consist of the M66 (14,770) and M56S++ (3,720) models, Riot noted.

Altogether, the 66,560 miners will add 18 exahashes per second (EH/s) to Riot’s operations.

Purchase summary of Riot’s latest deal with MicroBT.
Read more

Riot Platforms to add 33,000 Bitcoin miners ahead of 2024 halving

June 27, 2023 Coin Telegraph

Acquisition

The new rigs will add 7.6 EH/s to the firm’s self-mining capacity, but won’t be installed until the first quarter of 2024.

Riot Platforms — one of the world’s largest Bitcoin (BTC) mining companies — has bought 33,280 “next-generation” Bitcoin miners for its Texas facility, costing $162.9 million.

The rigs, which were sourced from mining manufacturer MicroBT, will boost the firm’s self-mining capacity by 7.6 exahashes per second (EH/s) and comes “in advance” of Bitcoin’s next halving cycle, which is set to take place in mid-2024.

Riot Purchases 7.6 EH/s of Next Generation Miners from MicroBT, Manufactured in the United States.

Read more in today’s press release: https://t.co/esLToy798H
— Riot Platforms, Inc. (@RiotPlatforms) June 26, 2023

Riot Platforms CEO Jason Les stated on June 26 that the deal will increase the firm’s self-mining capacity to 20.1 EH/s once the machines are installed in the first quarter of 2024:

“These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance our already strong fleet efficiency in advance of the upcoming Bitcoin halving.”

Les added the rigs we built specifically for “immersion cooling systems,” such as those used at the firm’s Corsicana facility.

Of the 33,280 machines, 8,320 are M56S+ models with a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 M56S++ are slightly more powerful at 230 TH/s.

However, the machines won’t arrive until December and full deployment of the miners won’t be completed until mid-2024.

Riot said it may also purchase 66,560 M56S++ models before December 31, 2024, adding 15.3 EH/s to the firm’s self-mining capacity. The company may choose to exercise this option in whole or in part.

Join our team as they take you through Riot's production and operations updates for the month of May. Riot produced 676 #Bitcoin and had a deployed hash rate of 10.5 exahash per second.

Hear from Riot’s VP of Research, @BitcoinPierre, as he touches on Riot's active community… pic.twitter.com/lD3YJVkMct
— Riot Platforms, Inc. (@RiotPlatforms) June 16, 2023

Despite the news, Riot’s share price fell 7.2% to $10.77 on June 26, according to Google Finance.

Meanwhile, on June 21, Bitcoin miner Akron Energy announced that it bought a 200-megawatt (MW) mining facility in Hannibal, Ohio, for an undisclosed amount.

It’s the Sydney-based firm’s first expansion into the United States following a $26 million raise on June 20.

The firm plans to immediately complete the first design stage of the Hannibal facility, which it hopes will provide 100 MW of power.

The hosting services will be provided to the firm’s institutional-scale clients in the Bitcoin industry.

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Jason Les