Business
Riot Purchases 7.6 EH/s of Next Generation Miners From MicroBT, Manufactured in the United States
Landmark deal includes an initial purchase of 33,280 miners to increase self-mining capacity to 20.1 EH/s upon full deployment in 2024. Agreement also
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Landmark deal includes an initial purchase of 33,280 miners to increase self-mining capacity to 20.1 EH/s upon full deployment in 2024. Agreement also includes an option to purchase up to 66,560 additional miners at same terms.\nCASTLE ROCK, Colo., June 26, 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 entered into a long-term purchase agreement (the “Agreement”) with MicroBT Electronics Technology Co., LTD, through its manufacturing subsidiaries, (“MicroBT”) a prominent manufacturer of Bitcoin miners with production facilities in the United States. Under the Agreement, Riot has secured an initial order of 33,280 next-generation Bitcoin miners from MicroBT. The miners will be produced by MicroBT in the United States for Riot’s Corsicana Facility, for total consideration of $162.9 million (exclusive of applicable taxes and fees and adjustments), equating to approximately $21.50 per terahash (TH). The Agreement provides delivery of the new miners starting in December 2023, with miner deployment planned to begin in Q1 2024. Upon full deployment of the 33,280 miners ordered, which is anticipated to be completed by mid-2024, Riot’s self-mining hash rate capacity is expected to increase to 20.1 EH/s. Initial Order SummaryModel# of UnitsHashrate(TH/s)Efficiency(Joules/TH)M56S+8,320220.024.0M56S++24,960230.022.0Total/Weighted Average33,280 7.6 EH/s22.5 Riot has also secured the option to purchase up to 66,560 additional M56S++ miners from MicroBT, on the same terms as the initial order, under the Agreement. Assuming full exercise of Riot’s option, the 66,560 additional miners would add 15.3 EH/s to Riot’s self-mining capacity, to a potential total of 35.4 EH/s. Riot may execute the option, in whole or in part, through December 31, 2024. “Riot is excited to announce our first order of Bitcoin miners for our Corsicana Facility from MicroBT,” said Jason Les, CEO of Riot. “These new models are among the most powerful and efficient miners ever made for Bitcoin mining and are designed and produced specifically for immersion cooling systems, such as those that will be used at our Corsicana Facility. These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed an...