Riot Platforms purchased an additional 33,280 Bitcoin miners from MicroBT, for approximately $290 million.
Riot Platforms buys even more Bitcoin miners
$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
— Riot Platforms, Inc. (@RiotPlatforms) December 4, 2023
With the goal of becoming the number one Bitcoin-based infrastructure in the world, Riot Platforms announced a huge blow. Indeed, as their tweet indicates, Riot Platforms has signed an agreement with MicroBT to get 66,560 additional Bitcoin miners. The agreement amounts to an amount of more than 290 million dollars, making the operation the company’s largest.
This expansion occurs in particular in the preparation of the drop in hash rate as the halving approachesscheduled for April 2024.
It is worth noting that the agreement allowed Riot Platforms to initially acquire 33,280 Bitcoin miners last June . Secondly, the agreement was renewed allowing Riot to acquire more 265,000 additional minors. With a total amount announced close to $290 millionthe machines were then acquired at a unit price of approximately $4,360.
“In June 2023, Riot entered into a long-term purchase agreement with MicroBT, which included an initial order for 33,280 Bitcoin miners for its Corsicana facility. This initial order was recently updated to replace approximately 6,000 MicroBT M56S++ miners with approximately 6,000 MicroBT M66 miners. After full deployment of this initial order by mid-2024, Riot’s total self-mining hash rate capacity is expected to reach 20.2 EH/s.” they declared in a statement.
Bitcoin mining booming?
Tea #Bitcoin energy narrative is freaking! A new note out this morning on the Bloomberg Terminal looks at the rapid rise of sustainable energy sources in $BTC mining
🧵 pic.twitter.com/q0KEwIH8ki— Jamie Coutts CMT (@Jamie1Coutts) September 14, 2023
As presented by Jamie Coutts, the anti-Bitcoin mining narrative is changing. Indeed, despite exploding hash rates, the carbon emissions of Bitcoin miners have stabilized since 2019. Clearly, the race for off-grid uses (especially with recycling centers which release methane) Bitcoin becomes the industry that uses the most renewable energy (53%).
Public opinion is therefore changing, which could make investing in Bitcoin mining a very lucrative option in the near future.
Riot Produces 458 #Bitcoin in October 2023 While Expanding Hash Rate and Miners Deployed.
“October was another strong month for Riot as we continued to focus on adding and optimizing hash rate,” said @JasonLes_, CEO of Riot. “Riot’s mining operations generated 458 Bitcoin during…
— Riot Platforms, Inc. (@RiotPlatforms) November 7, 2023
This is why Riot Platforms is making this here a huge financial hit.
“October was another strong month for Riot as we continued to focus on adding and optimizing hash rate. Riot’s mining operations generated 458 Bitcoin during the month, a 26% increase over September’s production. With this update, Riot’s fleet will continue to be at the forefront of new technological developments, and, in conjunction with our low cost of production and unmatched balance sheet strength, will position us strongly ahead of the upcoming halving. “ said Riot CEO Jason Les.
On the same subject :