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Riot Blockchain, one of the largest Bitcoin mining companies globally, has revealed that it has secured an initial order of 33,280 next-generation Bitcoin miners following a long-term purchase agreement with MicroBT, a manufacturer of Bitcoin miners based in China.
The company stated that this agreement will enhance its self-mining capacity to 20.1 EH/s once the new machines are operational in the first quarter of 2024.
Riot’s Increase in Hashrate Capacity
In announcing the first order of Bitcoin miners for its Corsicana Facility, CEO Jason Les noted that these new additions represent some of the most powerful and efficient miners ever created for Bitcoin mining. He further mentioned that these models are specifically designed and manufactured for immersion cooling systems, such as those that will be implemented at Riot’s facility in Texas.
“These new miners will add an extra 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further improve our already robust fleet efficiency ahead of the upcoming Bitcoin halving.”
According to the official announcement, the initial order consists of 33,280 machines, with a total cost of around $163 million, equating to $21.50 per terahash (TH). Riot retains the option to acquire an additional 66,560 machines under the same terms before the end of 2024.
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This new collaboration between the two firms is anticipated to establish a “strong” domestic supply chain within the United States. Additionally, MicroBT will be responsible for manufacturing these miners at a facility in Pittsburgh, which will lead to job creation in the area.
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Jordan Chen, COO of MicroBT, also stated that all machines produced will assist in expanding the company’s operations in the U.S., thereby allowing them to increase their market share domestically. The M56S+ and M56S++ models purchased by Riot are reportedly the most advanced machines developed by MicroBT.
Riot Mined 740 BTC in January
The recent winter storms in Texas caused damage to the Rockdale Facility, which reduced Riot’s hash rate capacity. Nevertheless, the company mined 740 BTC in January, marking a 62% increase compared to January 2022 and setting a new monthly all-time high.
During the same timeframe, Riot also announced intentions to onboard new members, even as its competitor Core Scientific laid off a significant number of employees.
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