Riot Blockchain, one of the largest Bitcoin mining firms globally, has made a significant move by securing an initial order of 33,280 next-generation Bitcoin miners.
The Colorado-based company has entered into a long-term purchase agreement with MicroBT, a China-based Bitcoin miner manufacturer, to strengthen its self-mining capacity.
This strategic deal aims to enhance Riot’s hashing power and contribute to a robust domestic supply chain in the United States.
The acquisition of these new Bitcoin miners will significantly boost Riot’s self-mining capacity to an impressive 20.1 EH/s (exahashes per second).
The machines, designed specifically for immersion cooling systems, will be installed at Riot’s Corsicana Facility in Texas. This expansion will enhance Riot’s fleet efficiency, positioning them favorably ahead of the upcoming Bitcoin halving event.
Under the long-term agreement, Riot will initially receive 33,280 machines at a cost of approximately $163 million, equating to $21.50 per terahash (TH).
Furthermore, Riot retains the option to purchase an additional 66,560 machines by the end of 2024, subject to the same terms.
MicroBT will manufacture these miners at a Pittsburgh facility, which will create job opportunities in the region. This partnership strengthens MicroBT’s presence in the United States, helping them expand operations and increase market share.
Riot’s recent achievements demonstrate resilience and success in the face of adversity. Although the Texas winter storms damaged the Rockdale Facility, leading to a reduction in hash rate capacity, Riot managed to mine an impressive 740 BTC in January.
This represents a remarkable 62% increase compared to January 2022 and a new monthly all-time high. While Riot continues to excel, their rival Core Scientific faced employee layoffs during the same period.
