US NASDAQ-listed Bitcoin mining company Riot orders over 60,000 mining machines

2 months ago 24

Largest order ever worth 40 billion yen

Riot Platforms (RIOT), a U.S. cryptocurrency mining company listed on Nasdaq, purchased 66,560 of the latest Bitcoin (BTC) mining machines from MicroBT on the 4th. This is the largest order to date.

The machines, which were ordered for approximately 42.8 billion yen ($290.5 million), will add 18 EH/s (exahash/second) to the hash rate. Additionally, we have secured the option to purchase additional mining machines for up to 75 EH/s at a fixed price.

Riot previously announced that it had signed a purchase agreement with MicroBT for 33,280 units. This time, more than 60,000 more units will be added.

Exahash is the ability to perform 100 quintillion hash calculations per second.

connection: US listed mining company Riot’s Q2 financial report, Bitcoin production increased by 27%

As for the delivery and installation schedule, we will begin installing the 33,280 previously ordered mining machines in the first quarter of 2024 (January to March). Furthermore, the company plans to receive and begin deploying the 66,560 units in the second half of 2024.

Riot plans to have all of these in operation by the second half of 2025, at which point Riot’s self-mining hash rate will exceed 38 EH/s.

What is hashrate?

The mining speed. In Japanese, it is expressed as “mining speed.” The unit is “hash/s”. “s” stands for “second” and represents “how many calculations can be made in one second.” It is used to express the processing power of mining equipment and as an indicator of how fast virtual currency mining is performed.

▶Virtual currency glossary

MicroBT announced its latest mining machine WhatsMiner M60 series in October. Of these, Riot has mainly ordered the WhatsMiner M66S, an immersion cooling model.

Zuoxing Yang, founder and CEO of MicroBT, explained that the WhatsMiner M60 series has qualities suitable for ESG.

What is ESG?

Abbreviation for Environment, Social, and Governance. In recent years, it has become a corporate responsibility to contribute to environmental and social issues, the United Nations’ Sustainable Development Goals (SDGs), etc., by considering not only business potential but also the impact of industry from a multifaceted perspective. be.

▶Virtual currency glossary

connection: Bitmain and MicroBT announce the latest Bitcoin mining machine

Additional purchase options for over 260,000 units

Riot CEO Jason Les commented:

We are pleased to announce the largest order in terms of hash rate in Riot history. This order and contract renewal ensure that we continue to own and operate one of the largest and most efficient fleets of Bitcoin mining machines in the world.

Additionally, the option to purchase at a fixed price in the future allows us to efficiently plan our future capital needs and protect us from the effects of market price increases for our machines.

The additional purchase option allows users to purchase up to 265,000 mining machines at a fixed price. If Riot were to purchase all possible machines with this purchase option, it would add 75 EH/s, potentially pushing Riot’s self-mining capacity to over 100 EH/s.

Riot announced its third quarter (July-September) financial results in November. Sales were about 7.6 billion yen ($51.9 million), more than 30% below analysts’ expectations, but significantly higher than the 6.8 billion yen ($46.3 million) for the same period last year.

Riot stock is up +349.26% year-to-date.

connection: Cryptocurrency-related stocks such as Marathon continue to rise as Bitcoin continues to grow | 6th Financial Tankan

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