In a significant move to bolster its Bitcoin mining capabilities, Riot Platforms, a prominent player in the mining industry, has recently announced the purchase of 33,280 cutting-edge Bitcoin miners, it said in a statement. The acquisition, costing a staggering $162.9 million, was made from leading mining manufacturer MicroBT and marks a substantial advancement for the company’s Texas-based facility.
By adding these state-of-the-art rigs to its arsenal, Riot Platforms anticipates a remarkable increase of 7.6 exahashes per second (EH/s) in its self-mining capacity. The timing of this acquisition is particularly strategic, as it comes well ahead of Bitcoin’s upcoming halving cycle scheduled for mid-2024.
According to Riot Platforms CEO Jason Les, this deal will elevate the firm’s self-mining capacity to an impressive 20.1 EH/s, once the machines are fully operational in the first quarter of 2024.
One noteworthy aspect of these new miners is their specialized design for “immersion cooling systems,” similar to the ones already employed at Riot’s Corsicana facility. Among the 33,280 machines, 8,320 are M56S+ models, boasting a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 machines are M56S++ models, offering a slightly higher hash rate of 230 TH/s.
However, eager investors and market enthusiasts should note that the arrival of the machines is expected only in December, with full deployment and utilization slated for completion by mid-2024.
Riot Platforms further disclosed its potential plans to acquire an additional 66,560 M56S++ models by December 31, 2024, which could contribute an extraordinary 15.3 EH/s to the company’s self-mining capacity. The decision to exercise this option, either in whole or in part, is yet to be determined. Despite the monumental announcement, Riot’s stock price experienced a temporary setback, falling 7.2% to $10.77 on June 26, as reported by Google Finance.
In a separate development, Sydney-based Bitcoin miner Akron Energy recently made an impressive foray into the United States market. Having raised $26 million on June 20, the company swiftly purchased a 200-megawatt (MW) mining facility located in Hannibal, Ohio. The acquisition marks Akron Energy’s first expansion into the United States and solidifies its position as a key player in the Bitcoin industry.
The firm has ambitious plans to swiftly complete the initial design stage of the Hannibal facility, with an aim to provide 100 MW of power. These hosting services will primarily cater to Akron Energy’s institutional-scale clients within the Bitcoin industry. This bold move underscores the company’s commitment to scaling up its operations and meeting the growing demand for mining services in the United States.
As the Bitcoin mining landscape continues to evolve, Riot Platforms and Akron Energy’s recent endeavors highlight the industry’s dynamism and the ongoing efforts to secure advanced mining infrastructure, ensuring a competitive edge in the market. These developments hold promise for both companies as they position themselves for long-term success in the flourishing Bitcoin mining sector.
