Riot, the renowned mining company in North America, has made headlines with its recent acquisition of 33,280 cutting-edge Bitcoin mining machines.
The company has entered into a long-term purchase agreement with MicroBT Electronics Technology Co., LTD, a prominent manufacturer of Bitcoin miners based in Shenzhen, China.
However, these specific mining machines will be produced in Pittsburgh, Pennsylvania, in the United States.
In a press release, Riot Platforms revealed that the total value of this purchase amounts to a staggering $162.9 million. Each machine is priced at around $21.50 per terahash (TH).
Delivery of the new miners is expected to commence in December 2023, with deployment scheduled for the first quarter of 2024. Once the 33,280 miners are fully operational, Riot’s self-mining hash rate capacity is projected to increase to 20.1 EH/s.
The initial order consists of two models: M56S+ and M56S++. The M56S+ model includes 8,320 units, with a hashrate of 220.0 TH/s and an efficiency of 24.0 Joules/TH.
On the other hand, the M56S++ model comprises a staggering 24,960 units, boasting a hashrate of 230.0 TH/s and an efficiency of 22.0 Joules/TH.
Overall, the order represents a total of 33,280 units, with a combined hashrate of 7.6 EH/s and an average efficiency of 22.5 Joules/TH.
MicroBT To Manufacture Bitcoin Miners In The US
Additionally, Riot has secured an option to purchase an additional 66,560 M56S++ miners from MicroBT, offering the potential to further increase its self-mining capacity by 15.3 EH/s, resulting in a total capacity of 35.4 EH/s. This option can be exercised until December 31, 2024.
CEO Jason Les expressed his enthusiasm about the new order, said:
These new models are among the most powerful and efficient miners ever made for Bitcoin mining and are designed and produced specifically for immersion cooling systems, such as those that will be used at our Corsicana Facility.
Apart from the considerable impact on Riot’s operations, this partnership with MicroBT marks a significant milestone for the industry as it strengthens the domestic supply chain for Bitcoin miners in the United States. The manufacturing of these miners in Pittsburgh will also create new job opportunities and contribute to the local economy.
Jordan Chen, COO of MicroBT, hailed the order from Riot as a momentous occasion for their company. He emphasized the advanced technological advancements embedded in the M56S+ and M56S++ models and expressed his delight in expanding their operations in the United States.
Nonetheless, with Riot’s ambitious purchase and the domestic manufacturing agreement, the Bitcoin mining landscape in North America is set to witness further growth and innovation in the coming years.
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