- Riot Platforms, Inc. has recently intensified its collaboration with MicroBT Electronics Technology Co., LTD, a leading company in Bitcoin mining production.
- The newly ordered miners mostly include the M66S model, standing out as MicroBT’s most efficient miner to date with an efficiency rating of 18.5 Joules per terahash.
- Reflecting investor confidence in Riot’s strategic expansion, the Riot Blockchain stock price experienced a significant increase. Within 24 hours of the announcement, the share price rose by 12.35% to reach $14.76.
Bitcoin mining company Riot Platforms, Inc. stocks gain strength after Bitcoin price rise: RIOT shares are trending!
Bitcoin Miner Riot’s Shares Gain Value
In a significant move to strengthen its Bitcoin mining capabilities, Riot Platforms, Inc. has intensified its collaboration with MicroBT Electronics Technology Co., LTD, a leading company in Bitcoin mining production. The company, well-known for its strong role in Bitcoin mining and data center hosting, announced a significant purchase option. This move will enhance Riot’s existing mining power and elevate its position in the industry.
According to the details of the agreement, Riot will acquire 66,560 of MicroBT’s latest-generation miners. Combined with a previous order, this will significantly increase Riot’s mining hash rate capacity to over 38 EH/s. Additionally, the company has been granted an option to purchase an additional 265,000 miners, potentially raising its capacity to over 100 EH/s.
The newly ordered miners mostly include the M66S model, standing out as MicroBT’s most efficient miner to date with an efficiency rating of 18.5 Joules per terahash. This efficiency serves as an example of the evolution of technology in the Bitcoin mining sector, as power consumption and efficiency are critical factors. The miners will be produced in the United States in line with the latest technology, enhancing miner lifespan and efficiency.
The total value of the investment in these miners is $290.5 million, with an average cost of approximately $16 per terahash. This strategic acquisition emphasizes Riot’s commitment to increasing its hash rate, maintaining cost-effectiveness, and preserving operational efficiency.
The distribution of these mining units has been carefully planned. The delivery of the first batch of 33,280 MicroBT miners is set to begin in the first quarter of 2024. The delivery and distribution of the additional 66,560 miners are planned for the second half of 2024, with the full distribution expected to be completed by the second half of 2025.
RIOT Stock Price Responds Positively
The Riot Blockchain stock price has seen a significant increase, reflecting investor confidence in Riot’s strategic expansion. Within 24 hours of the announcement, the share price rose by 12.35% to reach $14.76. This increase indicates a positive response from the market to Riot’s ambitious growth plans and the strengthened partnership with MicroBT.
Jason Les, CEO of Riot, expressed excitement about the largest hash rate order in the company’s history. He emphasized the significance of this deal for maintaining Riot’s leadership position in the Bitcoin mining industry. Jordan Chen, COO of MicroBT, expressed satisfaction with the efficient collaboration between the two companies.
