untitled design

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.

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.

“The price of these future purchase options will not be higher than our current order, which will enable Riot to more effectively plan for future capital requirements and provide protection against possible increases in market prices,” said CEO Jason Les.

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.


Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular