Riot Platforms, a major Bitcoin mining company, is betting big on the future of Bitcoin by investing $162.9 million in 33,280 advanced miners for its Texas data center. The company is anticipating the 2024 halving event, which will reduce the rewards for Bitcoin miners by half.
Riot Platforms believes that this event will create an opportunity for miners to increase their hashrate and earn more bitcoin.
In anticipation of the mid-2024 halving event, Riot Platforms has made a strategic move to purchase mining rigs from MicroBT. This move will increase Riot’s self-mining capacity by 7.6 EH/s, giving the company a significant edge in the competitive bitcoin mining market.
Riot CEO Jason Les has announced that the company will gradually deploy new mining machines in the first quarter of 2024. Once these machines are fully operational, they will boost Riot’s self-mining capacity to 20.1 EH/s.
Riot CEO Jason Les highlighted the company’s commitment to technological advancements by emphasizing the incorporation of immersion cooling systems into its new mining equipment. These systems are similar to those used at Riot’s Corsicana Facility and are designed to improve the efficiency and performance of the mining equipment.
Riot Platforms has acquired a total of 33,280 miners, with 8,320 units belonging to the M56S+ model and 24,960 units belonging to the M56S++ model. The M56S+ has a hash rate of 220 TH/s, while the M56S++ has a hash rate of 230 TH/s. The equipment is expected to arrive in December, with full deployment planned for mid-2024 due to logistical considerations.