In a landmark move that further solidifies its place at the pinnacle of the global Bitcoin mining industry, Riot Platforms has invested a staggering $162.9 million in the acquisition of 33,280 next-generation Bitcoin miners. These state-of-the-art machines are set to be installed at the company’s Texas-based facility, marking a significant milestone in Riot’s journey toward unparalleled mining capacity.
A Step Towards Increased Riot Platforms Self-Mining Capacity
Sourced from leading mining manufacturer MicroBT, these advanced mining rigs are expected to augment Riot’s self-mining capacity by an impressive 7.6 exahashes per second (EH/s). This procurement is strategically timed to precede the next Bitcoin halving cycle slated for mid-2024, indicating the company’s proactive approach to optimizing their operations.
In an announcement on June 26, Riot Platforms’ CEO, Jason Les, elaborated that this investment is set to inflate the company’s self-mining capacity to an impressive 20.1 EH/s, once the machines are fully operational by the first quarter of 2024.
Superior Efficiency and Technological Advancements
Les also highlighted that the new rigs were constructed explicitly for “immersion cooling systems”, an innovative technology employed at the company’s Corsicana facility. This feature enhances the rigs’ performance by maintaining optimal temperature conditions, thereby improving efficiency and productivity.
Of the machines purchased, 8,320 are M56S+ models, each boasting a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 M56S++ models offer a slightly higher hash rate of 230 TH/s.
Despite the promise of augmented mining capacity, the machines won’t arrive until December, with full deployment expected to be realized by mid-2024. Riot Platforms hinted at the potential purchase of an additional 66,560 M56S++ models before December 31, 2024, potentially bolstering the firm’s self-mining capacity with an extra 15.3 EH/s. However, it remains to be seen if the company will opt to exercise this potentiality in whole or in part.
Market Reaction and Other Industry Moves
Contrary to expectations, the revelation of this massive investment by Riot Platforms led to a marginal dip in share price. Meanwhile, the Bitcoin mining industry continues to see significant moves from other players. On June 21, Akron Energy, a Sydney-based Bitcoin miner, announced its acquisition of a 200-megawatt (MW) mining facility in Hannibal, Ohio, marking the company’s first venture into the United States.
Following a successful $26 million fundraising round on June 20, this move underscores Akron Energy’s ambition to expand its operations rapidly. The company has outlined immediate plans to commence the first design stage of the Hannibal facility, which it hopes will provide 100 MW of power, catering to the demands of its institutional-scale clients in the Bitcoin industry.
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