Riot Blockchain Buys 66,560 Bitcoin Mining Rigs in $290.5 Million Deal with MicroBT

Bitcoin miner Riot Blockchain has announced its purchase of 66,560 bitcoin mining rigs from MicroBT, marking one of the largest orders in the company’s history.

Riot Blockchain is set to acquire 66,560 Bitcoin miners from manufacturer MicroBT in one of its largest orders of hash rate, totaling $290.5 million, with an average cost of $4,360 per machine. The new order is an extension of Riot’s initial agreement with MicroBT, where it agreed to buy 33,280 machines in June. The updated agreement now provides Riot with options to purchase up to 265,000 additional miners from MicroBT under the same terms as the recent order.

The new miners, primarily consisting of MicroBT’s M66S model with a hash rate of 250 terahashes per second (TH/s), will add 18 exahashes per second (EH/s) to Riot’s operations. The deployment schedule includes the previously announced order of 33,280 MicroBT miners, set to begin deployment in the first quarter of 2024, and the new order of 66,560 additional miners, with delivery and deployment starting in the second half of 2024.

Riot’s CEO, Jason Les, noted that this purchase order represents the largest order of hash rate in the company’s history. He said,

Riot anticipates reaching a self-mining hash rate capacity of 38 EH/s once all 99,840 rigs are fully installed and operational. The company cited the upcoming Bitcoin halving event in April 2024 as a key factor influencing its recent buying spree. According to Nasdaq, Riot’s stock (ticker: RIOT) increased nearly 9% on December 4, bringing its total gains to over 345% for the year 2023.

Riot Platforms also earned $49.6 million in power curtailment credits, a substantial increase from the $13.1 million earned in the same quarter of the previous year. As of late September, Riot has $442.3 million in working capital, including $290.1 million in cash and 7,327 unencumbered Bitcoins, valued at approximately $197.6 m
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- 𝙍𝙞𝙤𝙩 𝘽𝙡𝙤𝙘𝙠𝙘𝙝𝙖𝙞𝙣, 𝙄𝙣𝙘. (𝙉𝘼𝙎𝘿𝘼𝙌: 𝙍𝙄𝙊𝙏) 𝙝𝙖𝙨 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙞𝙩𝙨 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙧𝙚𝙨𝙪𝙡𝙩𝙨 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙛𝙪𝙡𝙡 𝙮𝙚𝙖𝙧 𝙚𝙣𝙙𝙞𝙣𝙜 𝘿𝙚𝙘𝙚𝙢𝙗𝙚𝙧 31, 2023.

- 𝙏𝙝𝙚 𝙘𝙤𝙢𝙥𝙖𝙣𝙮 𝙖𝙘𝙝𝙞𝙚𝙫𝙚𝙙 𝙖 𝙧𝙚𝙘𝙤𝙧𝙙 𝙩𝙤𝙩𝙖𝙡 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙤𝙛 $280.7 𝙢𝙞𝙡𝙡𝙞𝙤𝙣, 𝙥𝙧𝙤𝙙𝙪𝙘𝙚𝙙 6,626 𝙗𝙞𝙩𝙘𝙤𝙞𝙣𝙨, 𝙖𝙣𝙙 𝙧𝙚𝙖𝙘𝙝𝙚𝙙 𝙖 𝙥𝙚𝙖𝙠 𝙝𝙖𝙨𝙝 𝙧𝙖𝙩𝙚 𝙤𝙛 12.4 𝙀𝙃/𝙨.

- 𝙍𝙞𝙤𝙩'𝙨 𝘾𝙀𝙊, 𝙅𝙖𝙨𝙤𝙣 𝙇𝙚𝙨, 𝙝𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙚𝙙 𝙠𝙚𝙮 𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙞𝙘 𝙖𝙘𝙝𝙞𝙚𝙫𝙚𝙢𝙚𝙣𝙩𝙨 𝙞𝙣 2023, 𝙞𝙣𝙘𝙡𝙪𝙙𝙞𝙣𝙜 𝙘𝙤𝙢𝙥𝙡𝙚𝙩𝙞𝙣𝙜 𝙩𝙝𝙚 700 𝙈𝙒 𝙍𝙤𝙘𝙠𝙙𝙖𝙡𝙚 𝙛𝙖𝙘𝙞𝙡𝙞𝙩𝙮 𝙚𝙭𝙥𝙖𝙣𝙨𝙞𝙤𝙣, 𝙚𝙭𝙥𝙖𝙣𝙙𝙞𝙣𝙜 𝙩𝙝𝙚 𝙥𝙤𝙬𝙚𝙧 𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙮, 𝙨𝙚𝙘𝙪𝙧𝙞𝙣𝙜 𝙖 𝙡𝙤𝙣𝙜-𝙩𝙚𝙧𝙢 𝙛𝙞𝙭𝙚𝙙-𝙥𝙧𝙞𝙘𝙚 𝙨𝙪𝙥𝙥𝙡𝙮 𝙖𝙜𝙧𝙚𝙚𝙢𝙚𝙣𝙩 𝙬𝙞𝙩𝙝 𝙈𝙞𝙘𝙧𝙤𝘽𝙏, 𝙖𝙣𝙙 𝙙𝙚𝙫𝙚𝙡𝙤𝙥𝙞𝙣𝙜 𝙩𝙝𝙚 1 𝙂𝙒 𝘾𝙤𝙧𝙨𝙞𝙘𝙖𝙣𝙖 𝙛𝙖𝙘𝙞𝙡𝙞𝙩𝙮.

#RIOT #BTC #microBT