Riot Platforms, a leading Bitcoin mining and data center hosting company, has announced a long-term purchase agreement with MicroBT Electronics Technology for the procurement of next-generation Bitcoin miners. Under the agreement, Riot has secured an initial order of 33,280 miners to be produced by MicroBT in the United States for Riot’s Corsicana Facility, with a total value of $162.9 million.
Mining Capacity Expansion
Delivery of the new miners is expected to commence in December 2023, and deployment is planned for the first quarter of 2024. Once fully deployed, the 33,280 miners will increase Riot’s self-mining hash rate capacity to 20.1 EH/s, with completion anticipated by mid-2024. Additionally, Riot has the option to purchase up to 66,560 additional miners from MicroBT on the same terms. If exercised, these additional miners would add 15.3 EH/s to Riot’s self-mining capacity, potentially reaching a total of 35.4 EH/s. The option can be executed in whole or in part until December 31, 2024.
Riot’s CEO, Jason Les, expressed enthusiasm about the partnership with MicroBT, highlighting the efficiency and power of the new models designed specifically for immersion cooling systems. He stated that these miners would enhance Riot’s mining capacity and fleet efficiency in preparation for the upcoming Bitcoin halving.
The collaboration between Riot and MicroBT is not only beneficial for both companies but also marks a significant milestone for the Bitcoin mining industry in the United States. By manufacturing the miners in Pittsburgh, MicroBT will contribute to the creation of new highly skilled jobs and strengthen the domestic supply chain.
Jason Les emphasized the importance of establishing an onshore manufacturing partnership with MicroBT, stating that it secures a critical supply chain for Riot’s business. Meanwhile, Jordan Chen, the COO of MicroBT, expressed pride in the significant order from Riot, highlighting the technological advancements incorporated into the M56S+ and M56S++ miners and the expansion of their United States-based manufacturing business.