Preparing for the Halving Cycle

Riot Platforms, a major bitcoin mining company, has invested $162.9 million to acquire 33,280 advanced Bitcoin miners for its Texas data center in anticipation of the 2024 halving event.

To prepare for the upcoming halving cycle projected for mid-2024, Riot Platforms has purchased mining rigs from MicroBT. This strategic move will increase Riot’s self-mining capacity by 7.6 exahashes per second (EH/s).

New Mining Machines to be Deployed in Q1 2024

CEO Jason Les announced that the new mining machines will be deployed gradually in the first quarter of 2024. Once fully operational, these miners will boost Riot’s self-mining capacity to 20.1 EH/s.

Introducing these advanced miners will enhance Riot’s mining capacity by 7.6 EH/s and improve the efficiency of their existing fleet, positioning them for the upcoming bitcoin halving event.

Commitment to Technological Advancements

Les emphasized incorporating “immersion cooling systems” into the equipment, similar to those used at Riot’s Corsicana Facility, demonstrating the company’s commitment to technological advancements.

Advanced Mining Machines Purchased

Out of the total miners acquired, 8,320 units belong to the M56S+ model with a hash rate of 220 terahashes per second (TH/s). The remaining 24,960 units are the M56S++ devices with a slightly higher power output of 230 TH/s. The equipment is expected to arrive in December, with full deployment planned for mid-2024 due to logistical considerations.

Further Expansion Plans

Riot is considering further expanding its self-mining capacity by an additional 15.3 EH/s by the end of 2024. This expansion would involve acquiring 66,560 units of the M56S++ model, with the decision to implement it fully or partially yet to be determined.

Akron Energy Enters American Market

Additionally, Akron Energy, a bitcoin mining company, recently announced its acquisition of a 200MW mining facility near Hannibal, Ohio, as it enters the American market for the first time. The initial construction phase of the Hannibal facility, providing 100 MW of electricity, is set for immediate completion, with plans to offer hosting services to institutional-level Bitcoin industry clients.

Impact on Riot’s Share Price

Despite these positive developments, Riot’s share price experienced a 7.2% decline on June 26, reaching $10.77.