Riot Platforms will add 33,000 Bitcoin miners before the 2024 halving

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Riot Platforms, one of the largest Bitcoin (BTC) mining companies in the world, has purchased 33,280 next-generation Bitcoin miners for its facility in Texas, at a cost of $162.9 million.

The rigs, which come from mining maker MicroBT, will increase the company’s self-mining capacity by 7.6 exahashes per second (EH/s) and ahead of the upcoming Bitcoin halving cycle, which is expected to take place in mid-2024.

Riot Platforms CEO Jason Les said on June 26 that the deal will increase the company’s self-mining capacity to 20.1 PE/s once the machines are installed in Q1 2024:

These new miners will contribute an additional 7.6 EH/s to Riots’ self-mining capacity when fully deployed and further improve the already strong efficiency of our fleet ahead of the next Bitcoin halving.

Les added the platforms we have built specifically for immersion cooling systems, such as those used in Corsicana’s facilities.

Of the 33,280 machines, 8,320 are M56S+ models with a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 M56S++ are slightly more powerful at 230 TH/s.

However, the machines won’t arrive until December, and full miner deployment won’t be complete until mid-2024.

Riot said it could also buy 66,560 M56S++ models before December 31, 2024, adding 15.3 PE/s to the company’s self-mining capacity. The Company may choose to exercise this option in whole or in part.

Despite the news, Riots’ stock price fell 7.2% to $10.77 on June 26, according to Google Finance.

Related: Buying Bitcoin Is Better Than Mining BTC In Most Cases Analysis

Meanwhile, on June 21, Bitcoin miner Akron Energy announced that it had purchased a 200 megawatt (MW) mining facility in Hannibal, Ohio for an undisclosed amount.

It is the Sydney-based companies’ first expansion in the United States after a $26 million increase on June 20.

The company plans to immediately complete the first design stage of the Hannibal facility, which it hopes will deliver 100 MW of power.

Hosting services will be provided to corporate clients at the institutional scale of the bitcoin industry.

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