- Riot Platforms purchased 66,560 Bitcoin mining units from MicroBT for $290.5 million, their largest-ever hash rate purchase. They also secured options for 265,000 additional miners.
- The initial purchase of 33,280 miners will be deployed in Q1 2023 ahead of the Bitcoin halving. The newly purchased 66,560 miners will start delivery in late 2023 with full deployment by late 2025.
- Riot aims to achieve 100 EH/s hash rate capacity by 2025 through this major hardware investment. The purchase boosted Riot’s stock price by nearly 6% in 24 hours.
Bitcoin miner Riot Platforms has made its largest-ever hash rate purchase, acquiring 66,560 Bitcoin mining units from MicroBT for $290.5 million. The Texas-based company also obtained options for 265,000 additional miners, as it aims to achieve 100 EH/s hash rate capacity by 2025.
Riot Purchases Over 60,000 Mining Units from MicroBT
Riot Platforms purchased 66,560 Bitcoin mining units from MicroBT, representing 18 EH/s of hash rate. This $290.5 million acquisition is the company’s largest-ever hash rate purchase.
Riot also secured options to buy 265,000 more miners from MicroBT in the future. Adding these miners would boost Riot’s hash rate capacity by 75 EH/s, moving the company closer to its goal of 100 EH/s.
Deployment Timeline Ahead of Bitcoin Halving
The initial purchase of 33,280 miners will be deployed in Q1 2023, ahead of Bitcoin’s highly anticipated halving event.
The newly purchased 66,560 miners will start delivery and deployment in the second half of 2023. Riot expects full deployment of all purchased miners by the second half of 2025.
By late 2025, Riot aims to have over 38 EH/s of self-mining hash rate capacity.
Preparing Infrastructure and Collaborating with MicroBT
CEO Jason Les described this as Riot’s largest-ever hash rate purchase. He expressed confidence in Riot maintaining one of the world’s biggest, most efficient Bitcoin mining operations.
Les emphasized Riot’s eagerness to continue collaborating with MicroBT. This will help Riot achieve its 100 EH/s milestone. Riot is actively building infrastructure at its Texas facility to support its hash rate growth plans.
Purchase Boosts Riot’s Stock Price
This major hardware investment, along with Bitcoin’s rise past $41,000, pushed Riot’s stock price up nearly 6% in 24 hours. Riot’s share price reached around $14.52 at press time, according to Nasdaq data.
