Riot Platforms will spend $290 million on the purchase of ASIC miners

The American mining company Riot Platforms has activated an option to purchase 66,560 Bitcoin mining rigs from MicroBT with a total hashrate of 18 EH/s.

$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.

— Riot places order for 18 EH/s of latest generation MicroBT Bitcoin miners, primarily consisting of the… pic.twitter.com/tEEudV6Z8n

— Riot Platforms, Inc. (@RiotPlatforms) December 4, 2023

The transaction amount will be $290.5 million (excluding fees, taxes and possible adjustments).

The company took advantage of the agreement with the manufacturer included in the previous contract for the supply of 33,280 miners. The financial conditions for purchasing equipment remained the same.

The new order will mainly (48,058 units) consist of the recently introduced WhatsMiner M66S immersion cooled model with an energy efficiency of 18.5 J/TH.

Composition of the company’s order. Data: Riot Platforms.

Riot emphasized that the purchased equipment will be produced in the United States. The devices will cost the company an average of about $16 per 1 TH/s.

Deliveries and deployment of a new batch of installations are planned for the second quarter of 2024.

Riot and MicroBT have also agreed to potentially purchase up to 265,000 additional miners in the future. This could potentially increase the company’s hashrate by another 75 EH/s and bring the figure to 100 EH/s.

At the end of the second quarter, Riot reduced losses for the period to $27.7 million against a minus of $353.6 million a year earlier.

In September, the company reported that it earned $31.6 million in August from miner outages in Texas.