Riot Platforms, Inc. (NASDAQ: RIOT), a prominent player in the Bitcoin mining and data center hosting industry, has made a groundbreaking move by entering into a long-term purchase agreement with MicroBT Electronics Technology Co., LTD. This landmark deal involves the acquisition of 33,280 state-of-the-art Bitcoin miners manufactured in the United States by MicroBT. The agreement also includes an option for Riot to purchase an additional 66,560 miners on the same terms.
Upon full deployment in 2024, the initial purchase of 33,280 miners is expected to increase Riot’s self-mining capacity to an impressive 20.1 exahashes per second (EH/s). The order consists of the M56S+ and M56S++ models, renowned for their high hash rates and energy efficiency. With a weighted average efficiency of 22.5 joules per terahash (J/TH), these miners are designed specifically for immersion cooling systems, perfectly suited for Riot’s Corsicana Facility.
Jason Les, CEO of Riot, expressed his enthusiasm for the partnership with MicroBT and the acquisition of these cutting-edge Bitcoin miners. He emphasized their power and efficiency, specifically designed for immersion cooling systems. Les added that the new miners would contribute an additional 7.6 EH/s to Riot’s self-mining capacity, further enhancing the company’s already strong fleet efficiency ahead of the upcoming Bitcoin halving.
Beyond the impact on Riot’s mining operations, the collaboration with MicroBT marks a significant milestone for the Bitcoin mining industry. By manufacturing the miners domestically, Riot and MicroBT are strengthening the United States’ supply chain and providing more options for domestically produced Bitcoin miners. MicroBT will manufacture these miners in Pittsburgh, PA, creating new employment opportunities and contributing to the local economy.
Riot’s expansion plans, coupled with the confidence displayed by MicroBT and other mining companies, highlight the positive outlook on Bitcoin’s future. This news follows Hut 8’s recent announcement of securing $50 million from Coinbase Credit to support growth initiatives and enhance financial flexibility. The continuous growth and investment in the mining sector demonstrate a strong belief in the long-term potential of Bitcoin.