Riot Platforms Adds 33,000 New Miners Ahead of 2024 Halving Event

Riot Platforms, a major Bitcoin mining company, has invested $162.9 million to acquire 33,280 advanced Bitcoin miners for its Texas data center in preparation for the halving event expected to take place in 2024. The company obtained mining devices from MicroBT, a mining manufacturer. This strategic move will increase Riot’s self-mining capacity by 7.6 exahashes/second (EH/s).

Riot Platforms Adds 33,000 New Miners Ahead of 2024 Halving Event

Riot Platforms CEO Jason Les announced on June 26 that the new mining machines will begin to be installed in the first quarter of 2024 and will increase the company’s self-mining capacity to 20.1 EH/s when fully operational.

These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance the efficiency of our existing fleet, positioning us for the upcoming Bitcoin halving.

Riot Platforms CEO Jason Les

Les also added that the devices were designed to be compatible with “immersion cooling systems”. These systems demonstrate the company’s commitment to technological advancements, which are also used at Riot’s Corsicana Facility.

How Much Power Do the Newly Acquired Miners Have?

Of the 33,280 miners purchased, 8,320 are M56S+ models with a hashrate of 220 terahashes/second (TH/s), while the remaining 24,960 are M56S++ models with a slightly higher power output of 230 TH/s. The devices are expected to be delivered in December and fully installed by mid-2024 due to logistical reasons.

Riot is also considering increasing its self-mining capacity by an additional 15.3 EH/s by the end of 2024. This expansion would involve purchasing another 66,560 units of the M56S++ model. It has not yet been decided whether this option will be implemented in whole or in part. Despite these positive developments, Riot’s share price fell 7.2% to $10.77 on June 26.

Meanwhile, Akron Energy, a Bitcoin mining company, recently announced its acquisition of a 200MW mining facility in Hannibal, Ohio. This was the Sydney-based company’s first entry into the American market.

Akron Energy announced that it would immediately complete the first construction phase of the Hannibal facility, which it hopes will provide 100 megawatts (MW) of power. It plans to offer hosting services to institutional-level Bitcoin industry customers.

What are Riot Platforms?

Riot Platforms is a company that supports the Bitcoin blockchain by doing large-scale Bitcoin mining in the United States. The company is focused on expanding its operations by increasing its Bitcoin mining hash rate and infrastructure capacity. Riot believes that the future of Bitcoin mining will benefit from American operations and aims to be the leader of that future.