RIOT - Riot Purchases 31500 Miners From MicroBT to Enhance and Expand Self-Mining Operations at Its Rockdale Facility | Benzinga
Riot strengthens its self-mining operations by purchasing 31,500 WhatsMiner M60S miners from MicroBT. This strategic investment replaces underperforming machines, boosts mining efficiency, and adds additional hash rate capacity at the Rockdale Facility
- Order is for 31,500 MicroBT miners with a combined total of 5.9 EH/s purchased for $97.4 million, equating to approximately $16.50/TH
- Approximately 14,500 miners in this order will add to self-mining capacity, the remaining 17,000 will replace currently under-performing miners at Riot's Rockdale Facility
- All miners will be deployed at the Rockdale Facility, increasing the Company's hash rate capacity at this facility to 15.1 EH/s by the end of July 2024
- In combination with hash rate growth at the new Corsicana Facility, Riot's new 2024 year-end hash rate target is 31 EH/s
CASTLE ROCK, Colo., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ:RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin ("BTC") mining, announced today that it has entered into a new purchase agreement (the "Agreement") with Shenzhen MicroBT Electronics Technology Co., LTD, through its manufacturing subsidiaries, ("MicroBT") a prominent manufacturer of Bitcoin miners. Under the Agreement, Riot has purchased 31,500 next-generation M60S miners from MicroBT for a total consideration of $97.4 million (exclusive of applicable taxes and fees and adjustments), reflecting a rate of $16.50 per TH. From this new order, 14,500 miners are set to be deployed in available capacity at the Rockdale Facility. The remaining approximately 17,000 miners from this order will replace underperforming machines at the Rockdale Facility.
Miner deliveries are scheduled to occur in May 2024 and June 2024. Once the 31,500 miners are deployed, Riot's Rockdale Facility's self-mining hash rate capacity will increase from 12.4 EH/s to 15.1 EH/s by the end of July 2024.
The M60S miners purchased are MicroBT's latest generation air-cooled machines featuring an efficiency rating of 18.5 J/TH and produce approximately 186 TH/s per machine.
"We are excited to announce this new order of latest-generation M60S miners from MicroBT, which has the dual purpose of both increasing our deployed hash rate and improving our operational efficiency," said Jason Les, CEO of Riot. "Through our team's constant focus on improving ...