- June 28, 2023
- Posted by: [email protected]
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Riot Platforms, a leading global Bitcoin mining firm, has recently made a substantial investment in expanding its mining capacity. The company has purchased 33,280 “next-generation” Bitcoin miners from MicroBT for its facility in Texas, at a cost of $162.9 million. These new miners, expected to be installed in the first quarter of 2024, will significantly enhance Riot Platforms’ self-mining capacity by adding 7.6 exahashes per second (EH/s). This move is a strategic measure to prepare for the upcoming halving of Bitcoin, set to occur in mid-2024.
Jason Les, the CEO of Riot Platforms, expressed his excitement about the deal, stating that it would boost the firm’s self-mining capacity to 20.1 EH/s once fully deployed. The newly acquired miners were specifically designed to integrate with immersion cooling systems, similar to those utilized at the company’s Corsicana facility. Out of the total number of machines purchased, 8,320 are M56S+ models with a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 are M56S++ models, slightly more powerful at 230 TH/s.
However, despite the positive news for Riot Platforms, the company experienced a 7.2% decrease in its share price on June 26, falling to $10.77 according to Google Finance. This dip in the stock price may be attributed to various factors, including market volatility or investor sentiment.
In a separate development, Akron Energy, a Bitcoin mining company based in Sydney, made its entry into the United States by acquiring a 200-megawatt (MW) mining facility in Hannibal, Ohio. The exact amount of the undisclosed deal remains unknown. Akron Energy aims to swiftly complete the initial design phase of the Hannibal facility, with a target power capacity of 100 MW. The company plans to provide hosting services to institutional-scale clients in the Bitcoin industry, further expanding its operations and market presence.
Both Riot Platforms and Akron Energy’s recent initiatives signify the ongoing growth and maturation of the Bitcoin mining industry. With increasing investments and capacity expansions, these companies are positioning themselves to capitalize on the evolving dynamics of the cryptocurrency market.
