Business
Riot Purchases 18 EH/s and Secures Long-Term Supply of Hash Rate From MicroBT
Riot Exercises Purchase Option on 18 EH/s of Latest Generation Immersion Miners from MicroBT, and Secures Additional Purchase Options Providing a Path to
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Exercises Purchase Option on 18 EH/s of Latest Generation Immersion Miners from MicroBT, and Secures Additional Purchase Options Providing a Path to Exceed 100 EH/s\nRiot places order for 18 EH/s of latest generation MicroBT Bitcoin miners, primarily consisting of the leading-edge M66S model, for $290.5 millionRiot secures purchase options for up to an additional 75 EH/s with a fixed price ceilingAdditional purchase options provide Riot with a path to achieve over 100 EH/s in self-mining capacity CASTLE ROCK, Colo., Dec. 04, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or, the “Company”), an industry leader in Bitcoin (BTC) mining and data center hosting, announced today that it has executed a purchase option and updated its long-term purchase agreement (the “Agreement”) with MicroBT Electronics Technology Co., LTD, through its manufacturing subsidiaries, (“MicroBT”) a prominent manufacturer of Bitcoin miners. Under the purchase order, Riot will receive 66,560 latest generation miners from MicroBT, representing a total of 18 EH/s, in addition to the previously announced purchase of 33,280 miners. The expected schedule for these two purchase orders is outlined below: Q1 2024: Deployment of the previously announced purchase order of 33,280 MicroBT miners beginsH2 2024: Delivery and deployment begins for the new purchase order of 66,560 additional MicroBT minersH2 2025: Deployment of miners under all current purchase order to be completed, Riot’s self-mining hash rate capacity to exceed 38 EH/s The new order will primarily consist of MicroBT’s recently announced M66S, its most efficient miner, showcasing an efficiency rating of 18.5 Joules per terahash (“TH”). All miners in the order will be manufactured in the United States and purpose-built for immersion cooling. The total consideration under the Agreement is $290.5 million (exclusive of applicable taxes, fees and adjustments), equating to an average price for all miners of approximately $16/TH. Purchase Order SummaryModel# of UnitsHash rate (TH/s)Efficiency (Joules/TH)M56S++3,72423022.0M6614,77825019.9M66S48,05828018.5Total/Weighted Average66,56018 EH/s19.0 Riot and MicroBT have also updated the Agreement to provide Riot with options to purchase up to a total of 265,000 additional miners from MicroBT, on the same terms as the new order. Assuming full...