Bitcoin miner Riot Platforms prepares to cut it in half with $290 million strategic investment in hardware

Texas-based Bitcoin (BTC) miner Riot Platforms acquired 66,560 BTC miners, equivalent to 18 EH/s, from MicroBT for $290.5 million, according to a December 4 statement, marking the largest hashrate in history. The order has been secured.

Riot also received an option to acquire 265,000 additional miners from MicroBT, which it said would add up to 75EH/s to its hashrate. The company explained that this move is consistent with its goal of achieving a hash rate capacity of 100EH/s. The miner previously announced the purchase of 33,280 miners in June.

According to the statement, distribution of the first 33,280 miners purchased will take place in the first quarter of next year ahead of the highly anticipated BTC halving event, while shipping and distribution of new purchases will begin in the second half of the same year. .

The Bitcoin miner added that it expects deployment of all miners purchased to be completed by the second half of 2025. According to Riot, by the second half of 2025, its own mining capacity should exceed a hash rate of 38EH/s. .

CEO Jason Les described the order as the company’s largest hashrate purchase. He expressed confidence in maintaining ownership and operation of one of the most substantial and efficient Bitcoin mining facilities in the world.

Les further emphasized Riot’s enthusiasm to achieve the goal of 100 EH/s by strengthening its collaboration with MicroBT. He added:

“Together with Riot’s commitment to hashrate growth, we are actively building out the infrastructure of our Corsicana facility following our time-proven vertical integration strategy.”

Early today, CryptoSlate Insight noted that Bitcoin’s hash rate is rising significantly, with recent figures setting a new daily record. The update noted that the next difficulty adjustment on the blockchain network will be the seventh consecutive positive adjustment.

Meanwhile, according to Nasdaq, news of the purchase, coupled with BTC breaking through $41,000, has pushed Riot’s stock price up nearly 6% over the past 24 hours, reaching around $14.52 as of press time. data.