Riot acquired an 18 EH/s hash rate and signed an expansion agreement with MicroBT for future supply.
Riot Platforms, Inc. has signed a large purchase agreement with MicroBT Electronics Technology Co., Ltd., significantly expanding its Bitcoin mining operations.
The deal involves acquiring 66,560 of the newest Bitcoin miners, replenishing the previous order of 33,280 miners.
The orders, totaling $290.5 million, demonstrate Riot’s ambition to increase mining capacity to more than 38EH/s by the second half of 2025. Notably, this includes the M66S model, which boasts an efficiency of 18.5J per terahash, signaling a move toward more energy. Efficient mining practices. All devices are manufactured in the United States, potentially mitigating the geopolitical risks associated with overseas production.
Due to the volatility of the cryptocurrency market, such a large investment can be unstable. Committing to such large purchases locks Riot into a specific path, potentially limiting its flexibility to adapt to market changes.
The agreement with MicroBT also includes an option for Riot to purchase up to 265,000 additional miners. This could push Riot’s capacity to over 100EH/s. While these are impressive numbers, they raise questions about the long-term sustainability of this rapid growth, especially in the context of environmental concerns and regulatory uncertainty surrounding the cryptocurrency industry.
Riot CEO Jason Les expressed optimism about owning and operating one of the most efficient Bitcoin (BTC) mining rigs in the world. Jordan Chen, COO of MicroBT, echoed this sentiment, emphasizing the strong relationship between the two companies.