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Largest Bitcoin Mining Firm Invests $162M in Expansion, Find Out Why

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Bitcoin Mining

  • Riot Platforms to elevate hashrate capacity to new heights.
  • The firm also secured an option for 66,000 potential machine purchases.

Riot Platforms, a major player in the global Bitcoin mining industry, is poised to significantly enhance its hashrate capacity by acquiring 33,280 mining rigs from MicroBT, a renowned manufacturer of essential equipment for cryptocurrency mining.

The order for Application-Specific Integrated Circuit (ASIC) amounts to an impressive $162.9 million, setting it apart as a remarkable acquisition. Particularly amidst a series of comparable investments made by rival companies this year. However, the delivery of the machines is not expect until December 2023, with deployment slated for the first quarter of 2024.

Jason Les, CEO of Riot, stated:

Riot is excited to announce our first order of Bitcoin miners for our Corsicana Facility from MicroBT.

Among the ASIC models acquired by Riot, the notable ones are the M56S+ and the newly introduced M56S++. The latter, unveiled in late April, stands out with its remarkable power efficiency of 22 joules per terahash (J/TH) and an impressive maximum hashrate of 230 terahashes per second (TH/s).

When it comes to Bitcoin mining, a “hash” denotes the endeavor to solve complex mathematical problems. That miners must undertake to construct a new block. Mining machines consume energy as they generate as many guesses as possible. Aiming to be the first to solve the problem and mine the subsequent block, which presently carries a reward of 6.25 BTC.

Riot’s latest purchase is poised to significantly boost its hash rate capacity by 7.6 exahashes per second (EH/s), bringing the company’s total capacity across its facilities to an impressive 20.1 EH/s. In simpler terms, a terrahash represents a trillion hashes, while an exahash signifies a staggering one quintillion hashes.

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