Riot Platforms invests $162.9 million in next-gen Bitcoin miners to expand self-mining capacity and prepare for the upcoming halving cycle.
Introduction
Riot Platforms, one of the world’s largest Bitcoin mining companies, has made a substantial move to fortify its mining operations by acquiring 33,280 advanced Bitcoin miners for its Texas facility. The significant investment of $162.9 million demonstrates Riot’s commitment to stay ahead in the competitive cryptocurrency mining industry and prepare for the anticipated 2024 halving cycle.
Boosting Self-Mining Capacity
The newly purchased rigs, sourced from renowned mining manufacturer MicroBT, are expected to add a staggering 7.6 exahashes per second (EH/s) to Riot Platforms’ self-mining capacity. Once fully deployed in the first quarter of 2024, these next-generation miners will elevate Riot’s overall self-mining capacity to 20.1 EH/s, ensuring enhanced fleet efficiency as the halving event approaches.
Also Read: Young People Seek Liberation and Hope in the Crypto Revolution
Designed for Efficiency
CEO Jason Les emphasized that these cutting-edge miners were specifically built to accommodate “immersion cooling systems,” similar to those employed at Riot’s Corsicana facility. This design choice not only enhances performance but also improves energy efficiency, making Riot Platforms well-positioned for sustainable mining practices in the future.
Technical Specifications
Out of the 33,280 machines acquired, 8,320 are M56S+ models, boasting a hash rate of 220 terahashes per second (TH/s). The remaining 24,960 units are the slightly more powerful M56S++ models, delivering a hash rate of 230 TH/s. These high-performing miners are expected to contribute significantly to Riot’s mining capabilities once they arrive, although full deployment won’t be completed until mid-2024.
Potential for Further Expansion
Riot Platforms has also revealed its intent to potentially purchase an additional 66,560 M56S++ models by the end of 2024, which would further augment its self-mining capacity by an impressive 15.3 EH/s. The company has the flexibility to exercise this option partially or in its entirety, ensuring scalability and adaptability to market demands.
Market Response and Industry Developments
Despite the positive news, Riot’s share price experienced a temporary setback, declining by 7.2% to $10.77 on June 26. This reaction suggests that investors may have different interpretations of the implications of the acquisition. However, Riot Platforms remains focused on expanding its mining operations to maintain a competitive edge in the ever-evolving Bitcoin industry.
Also Read: Nigerian Banks Flourish with Remarkable Revenue Growth in Q1 2023, Fueled by Fintech Adoption
In related news, Bitcoin miner Akron Energy recently made its debut in the United States by acquiring a 200-megawatt (MW) mining facility in Hannibal, Ohio. With this strategic expansion, the Sydney-based company aims to provide hosting services to institutional-scale clients within the Bitcoin industry. The move underscores the ongoing growth and investment opportunities within the cryptocurrency mining sector.
Conclusion
Riot Platforms’ substantial investment in 33,280 next-generation Bitcoin miners showcases its determination to remain at the forefront of the mining industry. By expanding its self-mining capacity in anticipation of the 2024 halving cycle, Riot Platforms aims to maximize its profitability and maintain its position as a global leader in Bitcoin mining. As the crypto market continues to evolve, such investments and developments will undoubtedly shape the landscape of the industry, attracting more attention from both investors and enthusiasts alike.
Stay informed with the latest crypto news and insights delivered directly to your email inbox by subscribing to our free newsletter at the right bottom of this page.
Looking for even more timely updates? Join us on Telegram for the fastest access to our news.
Written by Agbo Obinnaya.
Check out our Ethereum Gas Fee App on App Store.
Check out our Ethereum Gas Fee App on Play Store.
Join the conversation on Twitter: Click here.
For media inquiries or interviews, please get in touch with us here.
About vTrader News:
vTrader News is a renowned international platform with comprehensive cryptocurrency, business, finance, technology, and entrepreneurship coverage.
With a global readership, vTrader News provides unparalleled insights into the latest developments shaping the world of cryptocurrency, finance, and other emerging industries.
Learn More About vTrader: Click here.
