Riot Platforms' Major Expansion: Acquiring 66,560 Bitcoin Mining Rigs from MicroBT

blockchain.news:

Recently, Riot Platforms, a big participant in the Bitcoin mining market, made a huge move by purchasing 66,560 Bitcoin mining rigs from MicroBT. This acquisition was a significant move with substantial implications. One of the most significant expansions in the history of the corporation is represented by this acquisition, which is estimated to be worth around $290.5 million. Riot Platforms has shown its dedication to expanding its mining capabilities by the announcement of this contract, particularly in light of the forthcoming Bitcoin halving that is slated to take place in April of 2024.

The acquisition of these mining rigs by Riot Platforms is a strategic move that the company is making in order to strengthen its position in the cryptocurrency mining business. Riot has extended its original arrangement with MicroBT, whereby the firm had previously committed to purchase 33,280 machines in June, and this current order is an extension of that agreement. Riot's mining capacity has significantly increased as a result of this most recent purchase, which increases the total number of rigs bought from MicroBT to another 100,000.

It is anticipated that the freshly purchased mining machines, which include the most recent generation of M66S models, would offer a total of 18 EH/s (exahash per second) in mining power. With this new addition, Riot Platforms' operating capacity has been significantly increased, and the company is working towards achieving a total hashrate capacity of one hundred EH/s. It is possible that Riot Platforms will become one of the most powerful entities in the world in terms of mining power as a result of the growth in its hashrate.

Because it takes place before the Bitcoin halving event that is