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Riot Platforms Adds More Bitcoin Miners Ahead of Halving

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Riot Platforms Adds More Bitcoin Miners Ahead of Halving
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A new purchase order put by Riot Platforms, the biggest Bitcoin (BTC) miner in the United States, adds more strength to its existing fleet. In its new update regarding a long-term purchase agreement with MicroBT, a crypto mining rig manufacturer, Riot will get 66,560 miners. The company previously announced 33,280 miners from MicroBT.

Aiming For 100 EH/s Capacity

The order will help Riot’s plan reach a total hashrate capacity of 100 EH/s. According to the official press release, the last order of 33,280 rigs will be completed in Q1 of 2024. New machines from the latest purchase are likely to be deployed in the second half of the year.

A majority of the order is composed of M66S machines, the most efficient miner on the deck with a hash rate of 280 TH/s and efficiency of 18.5 joules/TH. Other models include M66 with a hashrate of 250 Th/s and efficiency of 19.9 joules/TH and M56S++ with a hashrate of 230 Th/s and efficiency of 22.

“This purchase order and updated Agreement ensures that we will continue to own and operate one of the largest and most efficient Bitcoin mining fleets in the world.” Riot Platforms’ CEO Jason Les said. “The price of these future purchase options will not exceed our current order as announced today, giving Riot the ability to more effectively plan future capital requirements and providing protection from potentially higher market prices for miners in the future.”

Riot Platforms is developing a couple of sites in Navarro Milan Counties in Texas. Both facilities will have a combined capacity of 1.7 GW. Some activists have campaigned against the development of the Navarro County facility citing potential environmental deterioration in the region.

Their Rockdale facility faced some damage amid a Texas winter storm in January, causing a decline in their total hashrate. Still, the company was able to produce 740 Bitcoins in the month. According to a study conducted by data aggregator CoinGecko, Riot Platforms holds 7,309 BTC (worth over $300 Million currently).

Bitcoin remains the largest crypto asset by market capitalization today. It is also the preferred virtual currency to mine given its tremendous price in contrast to other cryptocurrencies. According to data aggregator CoinMarketCap, BTC was changing hands at $41,600 at the time of writing.

American newspaper The New York Times reports that Bitcoin mining consumes 0.5 percent of total energy produced globally. The initial days of the asset allowed anyone to mine BTC through a simple PC. However, as mining difficulty increased over time, they were required to mine using large banks of computers.

Halving, an event reducing hashrate and increasing BTC mining difficulty, is due in April 2024. Analysts believe that the event will have a significant impact on the asset’s price. However, historical price data shows that the event did not have any impact on its value.

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