Massive Mining Move: Riot Platforms Invests in High-Efficiency Bitcoin Miners

Riot Platforms, Inc. (NASDAQ: RIOT), a leader in Bitcoin mining, announced a significant expansion in its mining operations. They have ordered 18 EH/s of the latest MicroBT Bitcoin miners, mainly the advanced M66S model, for $290.5 million. This purchase marks a strategic move, further cementing Riot’s position in the cryptocurrency mining industry, according to Riotplatforms.

The purchase includes 66,560 cutting-edge miners, contributing to an initial hash rate of 18 EH/s. Additionally, Riot has secured options for up to 75 EH/s more, setting a trajectory to surpass 100 EH/s in self-mining capacity. 

Breaking down the numbers, the order consists of different models, including the M56S++, M66, and M66S. These models boast impressive efficiency, with the M66S model standing out at 18.5 Joules per terahash. The total investment reflects an average price of approximately $16/TH.

This deal also strengthens Riot’s long-term relationship with MicroBT. The updated agreement provides Riot with a consistent supply of miners at a fixed price ceiling, ensuring stability in a market known for its volatility. 

Riot’s larger plan includes significant infrastructure development, particularly at their Corsicana Facility. This expansion aligns with their vertically-integrated strategy, emphasizing efficiency and sustainability in their operations. The investment in these advanced miners, especially those purpose-built for immersion cooling, signifies Riot’s dedication to adopting cutting-edge technologies.