Riot Platforms, Inc. has made a significant move in fortifying its self-mining capabilities through the recent procurement of 31,500 cutting-edge WhatsMiner M60S miners from MicroBT, a renowned manufacturer of Bitcoin miners.
This strategic decision not only aims to phase out underperforming machines but also seeks to optimize mining efficiency while simultaneously expanding hash rate capacity at Riot’s Rockdale Facility.
Commitment to Enhancement
The purchase agreement, valued at an impressive $97.4 million, underscores Riot’s unwavering commitment to maintaining its leadership position within the Bitcoin mining sector.
With a per-terahash rate of $16.50, this substantial investment exemplifies Riot’s dedication to enhancing its mining infrastructure and maximizing operational efficiency for sustained profitability and growth.
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Optimization To Improve Performance
Of the 31,500 miners secured in the deal, approximately 14,500 are earmarked for deployment to augment Riot’s existing self-mining capacity.
Meanwhile, the remaining 17,000 units are slated to replace aging and underperforming machines at the Rockdale Facility.
This strategic reallocation of resources reflects Riot’s proactive approach to optimizing operational uptime and energy efficiency, positioning the company as a frontrunner in the pursuit of low-cost, high-performance mining operations.
New Hardware to Bolster Hash Rate
Scheduled deliveries of the new miners are anticipated to commence in May 2024, with deployment expected to ramp up through June of the same year.
Once fully operational, the influx of new hardware is projected to bolster the Rockdale Facility’s self-mining hash rate capacity from 12.4 EH/s to an impressive 15.1 EH/s by the conclusion of July 2024.
The WhatsMiner M60S miners procured by Riot represent the latest evolution in MicroBT’s lineup of air-cooled mining machines.
Boasting an impressive efficiency rating of 18.5 J/TH and producing approximately 186 TH/s per unit, these state-of-the-art miners are poised to deliver unparalleled performance and reliability.
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Leadership’s Perspective
Jason Les, CEO of Riot Platforms, Inc., expressed his enthusiasm regarding the strategic acquisition, emphasizing its dual impact on increasing deployed hash rate and optimizing operational efficiency.
Les underscored the importance of retiring underperforming equipment in favor of the latest M60S model, citing its superior efficiency and performance as key drivers of operational improvement and profitability.
MicroBT and Riot Partnership
Similarly, MicroBT’s COO, Jordan Chen, echoed Les’ sentiments, highlighting the continued partnership between MicroBT and Riot as a testament to both companies’ shared commitment to innovation and excellence in Bitcoin mining technology.
Chen reaffirmed MicroBT’s unwavering support for Riot’s ambitious growth trajectory, expressing confidence in the company’s ability to leverage MicroBT’s cutting-edge hardware solutions.
Steadfast Mission to Establish a Premier Platform
In addition to its collaboration with MicroBT, Riot Platforms, Inc. remains steadfast in its broader mission to establish itself as the premier Bitcoin-driven infrastructure platform worldwide.
With a vertically integrated strategy encompassing data center hosting operations, Bitcoin mining activities, and electrical switchgear engineering and fabrication capabilities, Riot is well-positioned to deliver superior value to its shareholders while driving positive impact across the sectors, networks, and communities it serves.
Through strategic investments Riot Platforms, Inc. continues to demonstrate its commitment to innovation.
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