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Riot Platforms Buys 33,280 Mining Gears for Whopping $162.9M

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Riot Platforms Buys 33,280 Mining Gears for Whopping $162.9M

Riot Platforms Buys 33,280 Mining Gears for Whopping $162.9M

  • The purchase of the mining rigs is well ahead of Bitcoin’s next halving cycle.
  • Unfortunately, the equipment isn’t scheduled to arrive until December.

One of the prominent Bitcoin mining businesses, Riot Platforms, has spent $162.9M on 33,280 “next-generation” Bitcoin miners for its Texas data center.

The purchase of the mining rigs from supplier MicroBT is well ahead of Bitcoin’s next halving cycle, which is expected to occur around the middle of 2024. The new addition will increase the company’s self-mining capacity by 7.6 exahashes per second (EH/s).

On June 26th, Riot Platforms CEO Jason Les said that after the machines are implemented in the first quarter of 2024, the company’s self-mining capability would climb to 20.1 EH/s. Les included the gear it constructed for “immersion cooling systems,” like those used at the firm’s Corsicana site.

Delivery Scheduled for December

The M56S+ machines account for 8,320 of the total, boasting a hash rate of 220 terahashes per second (TH/s), while the M56S++ devices account for the remaining 24,960, boasting a slightly higher rate of 230 TH/s.

Unfortunately, the equipment isn’t scheduled to arrive until December, and the entire rollout of the miners isn’t expected to be finished until the middle of 2024.

Riot has indicated that it may also acquire 66,560 M56S++ models by December 31, 2024, increasing the company’s self-mining capacity by 15.3 EH/s. The business has the choice to make use of this provision in its whole or in part.

On the other hand, Hut 8, a crypto miner, recently announced that it has obtained a $50 million credit facility from Coinbase Credit. In a statement, the North American crypto miner said that it will use the loan proceeds for “general corporate purposes.” As a result, it has more financial flexibility and improved control over its Bitcoin holdings.

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