Riot Platforms to buy Bitcoin miners from MicroBT for $162.9 million

Riot Platforms, a mining company, has signed an agreement with MicroBT to purchase 33,280 Bitcoin mining rigs with a total hashrate of 7.6 EH/s.

Riot Purchases 7.6 EH/s of Next Generation Miners from MicroBT, Manufactured in the United States.

Read more in today’s press release: https://t.co/esLToy798H

— Riot Platforms, Inc. (@RiotPlatforms) June 26, 2023

The deal is valued at $162.9 million. Last-generation ASIC miners will cost the company about $21.5 per TH.

MicroBT will manufacture the devices at its Pittsburgh, Pennsylvania facility. Deliveries are expected to begin in December. Upon completion of the deployment, Riot’s hashrate will reach 20.1 EH/s in the first quarter of 2024.

The order includes 8,320 units of WhatsMiner M56S+ and 24,960 WhatsMiner M56S++. The devices have energy efficiency of 24 J/TH and 22 J/TH, respectively.

The M56S++ model was introduced in May. Riot also has the option to purchase up to 66,560 of these miners from MicroBT under the terms of the initial order. The company may exercise the option in full or in part until the end of 2024.

Riot will install the procured equipment at a data centre located in Navarro County, Texas.

“These new models are among the most powerful and efficient miners ever built for Bitcoin mining; they are designed and manufactured specifically for immersion cooling systems. The devices will add an additional 7.6 EH/s to self-mining capacity when fully deployed and will increase our fleet’s already high efficiency ahead of the upcoming halving,” said Riot CEO Jason Les.

In May, the company mined 676 BTC and sold 600 BTC from this amount, earning $16.5 million.