Riot Splurges $163 Million on Bitcoin Mining Equipment: A Game-Changer Move?

• Bitcoin mining company Riot has purchased mining equipment from MicroBT for approximately $163 million.
• Riot has added over 33,000 Bitcoin mining devices to its inventory, doubling its capacity.
• If Riot exercises its option to purchase an additional 66,650 new mining devices from MicroBT, its production power will increase to 35.4 EH/s.

Riot Boosts Bitcoin Mining Capacity with Major Investment

Investing in Bitcoin Mining Equipment

Leading Bitcoin mining company, Riot, has significantly expanded its mining capabilities with a substantial investment in mining equipment. The company has spent approximately $163 million on over 33,000 Bitcoin mining devices from MicroBT, effectively doubling its mining capacity.

Increasing Production Power

With the addition of these new mining devices, Riot’s production power is set to increase to 20.1 EH/s. However, the company has the option to further boost its production power. Riot has the opportunity to purchase an additional 66,650 new mining devices from MicroBT. If the company decides to exercise this option, its production power could potentially rise to 35.4 EH/s.

Future Plans for Expansion

The new mining devices will be installed by MicroBT and shipped to Riot’s facility in Corsicana, Texas. The cost of these mining devices is said to exceed $162 million. This investment indicates Riot’s commitment to expanding its mining operations and capitalizing on the recent surge in cryptocurrency value.