Riot Platforms to add 33,000 Bitcoin miners ahead of 2024 halving

cointelegraph.com:

Riot Platforms — one of the world’s largest Bitcoin (BTC) mining companies — has bought 33,280 “next-generation” Bitcoin miners for its Texas facility, costing $162.9 million.

The rigs, which were sourced from mining manufacturer MicroBT, will boost the firm’s self-mining capacity by 7.6 exahashes per second (EH/s) and comes “in advance” of Bitcoin’s next halving cycle, which is set to take place in mid-2024.

Riot Purchases 7.6 EH/s of Next Generation Miners from MicroBT, Manufactured in the United States.Read more in today’s press release: https://t.co/esLToy798H

Riot Platforms CEO Jason Les stated on June 26 that the deal will increase the firm’s self-mining capacity to 20.1 EH/s once the machines are installed in the first quarter of 2024:

Les added the rigs we built specifically for “immersion cooling systems,” such as those used at the firm’s Corsicana facility.

Of the 33,280 machines, 8,320 are M56S+ models with a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 M56S++ are slightly more powerful at 230 TH/s.

However, the machines won’t arrive until December and full deployment of the miners won’t be completed until mid-2024.

Riot said it may also purchase 66,560 M56S++ models before December 31, 2024, adding 15.3 EH/s to the firm’s self-mining capacity. The company may choose to exercise this option in whole or in part.

Join our team as they take you through Riot's production and operations updates for the month of May. Riot produced 676 #Bitcoin and had a deployed hash rate of 10.5 exahash per second.Hear from Riot’s VP of Research, @BitcoinPierre, as he touches on Riot's active community… pic.twitter.com/lD3YJVkMct

Despite the news, Riot’s share price fell 7.2% to $10.77 on June 26, according to