Riot Blockchain Buys 66,560 Bitcoin Mining Rigs in $290.5 Million Deal with MicroBT

cryptonews.com:

Bitcoin miner Riot Blockchain has announced its purchase of 66,560 bitcoin mining rigs from MicroBT, marking one of the largest orders in the company’s history.

Riot Blockchain is set to acquire 66,560 Bitcoin miners from manufacturer MicroBT in one of its largest orders of hash rate, totaling $290.5 million, with an average cost of $4,360 per machine. The new order is an extension of Riot’s initial agreement with MicroBT, where it agreed to buy 33,280 machines in June. The updated agreement now provides Riot with options to purchase up to 265,000 additional miners from MicroBT under the same terms as the recent order.

$Riot Exercises Purchase Option on 18 EH/s of Latest Generation Immersion Miners from MicroBT, and Secures Additional Purchase Options Providing a Path to Exceed 100 EH/s.

– Riot places order for 18 EH/s of latest generation MicroBT Bitcoin miners, primarily consisting of the… pic.twitter.com/tEEudV6Z8n

— Riot Platforms, Inc. (@RiotPlatforms) December 4, 2023

The new miners, primarily consisting of MicroBT’s M66S model with a hash rate of 250 terahashes per second (TH/s), will add 18 exahashes per second (EH/s) to Riot’s operations. The deployment schedule includes the previously announced order of 33,280 MicroBT miners, set to begin deployment in the first quarter of 2024, and the new order of 66,560 additional miners, with delivery and deployment starting in the second half of 2024.

By the second half of 2025, the deployment of all miners under the current purchase orders is expected to be completed. Notably, the new miners will be manufactured in the United States and purpose-built for immersion cooling. The average price for all miners in the deal is approximately $16 per terahash.

Riot’s CEO, Jason Les,