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Global crypto-giant Riot Platforms is taking a significant leap forward in the Bitcoin mining landscape, investing $162.9 million in state-of-the-art mining machinery to supercharge its Texas-based operations.
Through an ambitious acquisition of 33,280 next-gen Bitcoin miners from industry titan MicroBT, the company plans to increase its self-mining capabilities by an impressive 7.6 exahashes per second (EH/s). This strategic move comes as part of a broad initiative to strengthen Riot's mining operations ahead of Bitcoin's projected halving cycle in mid-2024.
Riot Platforms' CEO, Jason Les, expressed his enthusiasm on June 26, predicting a boost in their self-mining efficiency to a hefty 20 EH/s post-installation in Q1 2024. The new machinery is designed specifically to thrive in immersion cooling environments like the ones employed in Riot's Corsicana facility.
Among the newly purchased fleet, Riot boasts 8,320 M56S+ models capable of hashing at a rate of 220 terahashes per second (TH/s). However, the deployment of this powerful arsenal won't be fully realized until mid-2024 as the machines are slated to arrive in December.
The company also revealed the potential acquisition of an additional 66,560 M56S++ models before the close of 2024, which could provide a substantial 15.3 EH/s surge to Riot's self-mining capabilities. The decision to proceed with this option remains flexible and will be based on the company's strategic assessment.
In a related development, Akron Energy, another key player in the Bitcoin mining field, recently expanded its operations into the United States. It plans to swiftly progress with the initial design phase of the Hannibal facility, aiming to provide a hefty 100 MW power supply to its institutional-scale Bitcoin clients.
Riot Platforms' robust investment in Bitcoin mining technology underscores its confidence in the crypto industry's future, reflecting the increasing momentum in the world of digital currency mining.
