Riot Platforms, one of the largest Bitcoin platforms globally, has invested $162.9 million to acquire 33,280 state-of-the-art Bitcoin mining machines from MicroBT. This purchase will significantly enhance Riot Platforms' self-mining capacity by 7. 6 exahashes per second (EH /s). The company aims to capitalize on the upcoming Bitcoin halving cycle scheduled for mid-2024. CEO Jason Les stated that once these machines are installed in the first quarter of 2024, Riot Platforms' self-mining capacity will reach 20.1 EH/ s. Les also emphasized the improved efficiency of the machines, designed specifically for the company's immersion cooling systems used at its factory in Corsicana, Texas.
Out 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 are M56S++ models with a slightly stronger hash rate of 230 TH/s. expected to arrive in December, and full deployment will take place by mid-2024. Riot Platforms has also considered the possibility of purchasing an additional 66,560 M56S++ models by December 31, 2024, which would further increase the company's self-mining capacity by 15.3 EH/ s. The decision to exercise this option will depend on various factors.
Despite the positive news, Riot Platforms experienced a 7.2 percent drop in share prices on June 26, reaching $10.77, as reported by Google Finance. The market reaction suggests some investor concerns or factors unrelated to the recent acquisition of mining machines .However, Riot Platforms remains focused on expanding its mining capabilities and optimizing its operations in preparation for the Bitcoin halving.
In other news, Sydney-based bitcoin miner Akron Energy made its entry into the US market by acquiring a 200-megawatt mining facility in Hannibal, Ohio, for an undisclosed amount. The company raised $26 million on June 20 and plans to swift ly complete the initial design phase of the Hannibal facility, targeting 100 megawatts of power. Akron Energy aims to provide custody services to institutional-scale clients in the bitcoin industry, further establishing its presence and offerings in the evolving cryptocurrency landscape.
