Riot Platforms Prepares for 2024 Halving by Adding 33,000 Bitcoin Miners

    The firm's self-mining capacity will be boosted by 7.6 EH/s with the addition of the new rigs. However, these rigs are scheduled to be installed only in the first quarter of 2024.

    For a sum of $162.9 million, Riot Platforms, a major Bitcoin mining firm, has acquired 33,280 advanced Bitcoin miners from MicroBT for its Texas facility. These miners will increase the firm’s self-mining capacity by 7.6 EH/s and have been procured “in advance” of the upcoming halving cycle of Bitcoin, which is scheduled for mid-2024.

    On June 26, Riot Platforms CEO, Jason Les announced that the firm’s self-mining capacity will increase to 20.1 exhashes per second (EH/s) in the first quarter of 2024, once they install 33,280 new Bitcoin miners. Les mentioned that these new miners are designed for immersion cooling systems, which are currently used in the firm’s Corsicana facility. Upon full deployment, these miners will add 7.6 EH/s to Riot’s existing capacity and improve their fleet efficiency, in preparation for the upcoming Bitcoin halving.

    The 33,280 machines include 8,320 M56S+ models, each with a hash rate of 220 terahashes per second (TH/s), and 24,960 M56S++ models, slightly more powerful, with a hash rate of 230 TH/s. Although the machines are not expected to arrive until December, Riot Platforms plans for their full deployment by mid-2024.

    In addition, Riot has the option to purchase 66,560 more M56S++ models by December 31, 2024, to increase their self-mining capacity by 15.3 EH/s. The company may choose to exercise this option partially or in full.

    Despite the announcement, Riot Platforms’ shares declined by 7.2%, to settle at $10.77, as reported by Google Finance on June 26.

    Conversely, on June 21, Bitcoin miner Akron Energy disclosed its acquiring a 200-megawatt (MW) mining facility situated in Hannibal, Ohio, at an undisclosed cost.

    This acquisition is the first expansion of the Sydney-based firm into the United States, following a $26 million raise on June 20. The company aims to complete the first phase of the Hannibal facility promptly, providing 100 MW of power to serve its institutional-scale clients in the Bitcoin industry.

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