CASTLE ROCK, Colorado – Riot Platforms, Inc. (NASDAQ:NASDAQ:), a leading player in mining, has announced the acquisition of 31,500 WhatsMiner M60S miners from MicroBT, a leading manufacturer of Bitcoin mining hardware. The purchase, for a total of $97.4 million, is part of Riot's strategy to improve its self-mining operations and increase efficiency at its Rockdale facility.
The new miners, with an efficiency of 18.5 J/TH, are expected to increase the facility's hash rate capacity from 12.4 EH/s to 15.1 EH/s by the end of July 2024. The director Riot executive Jason Les stated that the update is intended to replace underperforming machines and boost operational efficiency with the latest generation of miners.
Approximately 14,500 units of this order will expand Riot's self-mining capacity, while the remaining 17,000 will replace older, less efficient miners. The company anticipates that full deployment of the new hardware will contribute to its goal of achieving 31 EH/s hash rate capability by the end of 2024.
MicroBT COO Jordan Chen expressed excitement about the continued partnership with Riot and highlighted the importance of this order to Riot's long-term goal of building a mining fleet with a capacity greater than 100 EH/s.
This information is based on a press release from Riot Platforms, Inc.
InvestingPro Insights
As Riot Platforms, Inc. (NASDAQ: RIOT) embarks on expanding its Bitcoin mining operations with a major hardware acquisition, investors are closely monitoring the company's financial health and market performance. According to data from InvestingPro, Riot has a market capitalization of approximately $4.4 billion, reflecting its position in the industry. Despite a challenging P/E ratio that currently stands at -60.78, analysts are optimistic about the company's sales growth in the current year, which aligns with Riot's strategic investments to strengthen its mining capabilities.
Advice from InvestingPro suggests that Riot's decision to hold more cash than debt on its balance sheet could offer the company a stable foundation to navigate the volatile cryptocurrency market. Furthermore, the company's significant performance over the past week, month and three months indicates strong investor confidence following the recent strategic moves. These metrics could be critical as Riot aims to reach a hash rate capacity of 31 EH/s by the end of 2024, indicating long-term growth potential.
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