The new rigs won’t be installed until the first quarter of 2024, but they will increase the company’s self-mining capacity by 7.6 EH/s.
A big acquisition of 33,280 “next-generation” Bitcoin miners by Riot Platforms, a significant Bitcoin mining startup, was made from mining equipment producer MicroBT. The deal will cost $162.9 million in total. With this acquisition, Riot hopes to increase its mining capacity and get ready for the forthcoming Bitcoin halving cycle in the middle of 2024.
Riot’s capability for self-mining will rise by 7.6 exahashes per second (EH/s) thanks to the new miners obtained from MicroBT. This increase in capacity is a calculated strategic decision to improve the company’s mining operations and take advantage of any possibilities that may arise from the upcoming halving cycle.
According to Riot Platforms CEO Jason Les, this agreement will give the company a total self-mining capability of 20.1 EH/s. The installation of the new equipment is anticipated to take place in the first quarter of 2024, enabling Riot to increase its mining capacity.
The 33,280 miners are divided into 8,320 M56S+ models, which have a hash rate of 220 terahashes per second (TH/s), and 24,960 M56S++ models, which have a slightly higher hash rate of 230 TH/s. Comparing these devices to earlier generations of miners reveals greater performance.
The machines won’t be delivered right away, though; they won’t be here until December. By the middle of 2024, the miners’ full deployment is scheduled to be finished. The logistics of obtaining and assembling the substantial number of mining rigs are taken into account in this timetable.
Riot’s share price fell 7.2% to $10.77 on June 26 despite the large investment and development plans. Short-term price changes might result from value changes for mining businesses caused by market turbulence and investor mood.