LIVERiot 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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