Riot Platforms Set to Incorporate 33,000 Bitcoin Miners in Anticipation of the 2024 Halving

Riot Platforms Prepares for 2024 Bitcoin Halving with 33,000 New Miners

In a strategic move ahead of the anticipated 2024 Bitcoin halving, Riot Platforms, a prominent Bitcoin mining company, has recently acquired 33,280 state-of-the-art Bitcoin miners from MicroBT. Valued at $162.9 million, these cutting-edge rigs are set to significantly expand Riot Platforms’ self-mining capacity by 7.6 exahashes per second (EH/s). However, the installation of these miners is scheduled for the first quarter of 2024.

Riot Platforms’ CEO, Jason Les, emphasized the positive impact of this acquisition, projecting that the firm’s self-mining capacity will reach an impressive 20.1 EH/s once the machines are fully operational. These new miners have been specifically designed for immersion cooling systems, similar to those utilized at Riot Platforms’ Corsicana facility.

Among the 33,280 machines, 8,320 units belong to the M56S+ model, boasting a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 units are the more powerful M56S++ variant, capable of 230 TH/s. However, due to their delivery schedule, the machines will only arrive in December, with the complete deployment anticipated to be finalized by mid-2024.

In addition, Riot Platforms is considering the purchase of an additional 66,560 M56S++ models before December 31, 2024. If exercised, this option would contribute a further 15.3 EH/s to the company’s self-mining capacity.

Despite this significant development, Riot Platforms experienced a 7.2% decline in its share price, falling to $10.77 on June 26. Meanwhile, another Bitcoin miner, Akron Energy, made its entry into the United States market by acquiring a 200-megawatt (MW) mining facility in Hannibal, Ohio. The Sydney-based firm plans to provide hosting services to its institutional-scale clients within the Bitcoin industry, with the Hannibal facility expected to yield 100 MW of power after the initial design phase.

Overall, Riot Platforms’ investment in new mining equipment signals its proactive stance in preparing for the upcoming Bitcoin halving and solidifying its position in the competitive mining sector.