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CASTLE ROCK, Colo. – Riot Platforms, Inc. (NASDAQ: NASDAQ:), a leading mining player, announced the acquisition of 31,500 WhatsMiner M60S miners from MicroBT, a leading manufacturer of Bitcoin mining hardware. The purchase, valued at $97.4 million, is part of Riot’s strategy to improve self-mining operations and increase efficiency at the 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. Riot CEO Jason Les explained that the upgrade is aimed at replacing underperforming machines and increasing operational efficiency with the latest generation of miners.
Approximately 14,500 units from this order will expand Riot’s self-mining capacity, while the remaining 17,000 will replace older, less efficient miners. The company expects full deployment of the new hardware to contribute to its goal of achieving a hash rate capacity of 31 EH/s by year-end 2024.
MicroBT COO Jordan Chen expressed excitement about the continued partnership with Riot, noting the importance of this order to Riot’s long-term goal of building a mining fleet with a capacity of more than 100 EH/s.
This information is based on a press release from Riot Platforms, Inc.
Investing Pro Insights
As Riot Platforms, Inc. (NASDAQ: RIOT) begins to expand its Bitcoin mining operations through a significant hardware acquisition, investors are closely monitoring the company’s financial health and market performance. According to InvestingPro, Riot has a market capitalization of around $4.4 billion, reflecting its position in the industry. Despite a challenging P/E ratio currently at -60.78, analysts are optimistic about the company’s revenue growth in the current year, which is in line with Riot’s strategic investments to strengthen its mining capabilities.
InvestingPro Tips suggests that Riot’s decision to hold more cash than debt on its balance sheet could provide the company with a stable foundation to navigate the volatile cryptocurrency market. Additionally, the company’s significant return in the last week, last month and last three months shows strong investor confidence following recent strategic moves. These metrics could be crucial as Riot aims to reach a hash rate capacity of 31 EH/s by the end of 2024, signaling potential for long-term growth.
For investors who want more comprehensive analysis, there are 16 more InvestingPro Available tips for Riot Platforms, Inc., available at https://www.investing.com/pro/RIOT. Use the voucher code PRONEWS24 to receive an additional 10% discount on an annual or two-year Pro and Pro+ subscription and gain deeper insights into Riot’s financial performance and market position.
This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.
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