Riot Platforms, a leading Bitcoin mining and data center hosting company, has just taken a giant leap forward. In effect, the company recently announced a massive investment in Bitcoin mininga move that could have significant implications for the future of the industry.
Riot Platforms’ strategic investment
Riot Platforms recently entered into a long-term purchase agreement with MicroBT Electronics Technology Co., LTD, a leading manufacturer of Bitcoin miners. This agreement provides for the acquisition of 33,280 next-generation bitcoin miners, for a total amount of $162.9 million. This investment represents a significant increase in Riot’s mining capacity, which is expected to reach 20.1 PE/s once these miners are deployed.
These minorswhich will be produced by MicroBT in the United States, are among the most powerful and efficient ever designed for Bitcoin mining. They are specifically designed for the systems of immersion coolinglike the ones that will be used at Riot’s facility in Corsicana, Texas.
Besides, Riot has also secured the option to purchase up to 66,560 additional miners from MicroBT, on the same terms as the original order. If this option is exercised, Riot’s hashing capacity could increase to 35.4 PE/s, which would represent an even greater increase in its mining capacity.
The importance of local production
One of the most notable aspects of this agreement is that the miners will be produced locally by MicroBT in the United States. This marks an important step in Riot’s effort to secure a local supply chain and reduce its dependence on foreign manufacturers.
Local production of mining equipment has several advantages. First of all, it allows reduce costs and delivery times associated with importing mining equipment from abroad. Moreover, it contributes to strengthen the Bitcoin mining industry in the United Statesby stimulating the local production of mining equipment and by creating new jobs in the sector.
In addition, the local production of mining equipment could also help build the resilience of the Bitcoin mining industry in the United States. Indeed, by securing a local supply chain, Riot could be less likely to experience supply chain disruptions due to factors such as trade restrictions or logistical issues.
Finally, the local production of mining equipment could also have a positive impact on the environment.Indeed, local production makes it possible to reduce carbon emissions associated with transporting mining equipment from overseas.
This massive investment from Riot Platforms has significant implications for the future of Bitcoin mining. By significantly increasing its mining capacity, Riot is positioning itself to take advantage of the next halving of Bitcoin block rewards expected in 2024the famous halving.
Source : riot