Riot Platforms to Buy Additional Bitcoin Miners From MicroBT

By Chris Wack

Riot Platforms is buying more Bitcoin miners from MicroBT Electronics Technology through its manufacturing subsidiaries.

Under the new purchase order, Riot will receive 66,560 latest-generation miners from MicroBT, representing a total of 18 EH/s, in addition to a previously announced purchase of 33,280 miners.

In the first quarter of 2024, Riot will begin receiving the previously announced purchase order of 33,280 MicroBT miners. Delivery and deployment for the new purchase order of 66,560 additional MicroBT miners begins in the second half of 2024.

The new order will primarily consist of MicroBT's new M66S, its most efficient miner, with an efficiency rating of 18.5 joules per terahash. The total consideration under the agreement is $290.5 million, equating to an average price for all miners of $16/TH.

Riot and MicroBT have also updated the agreement to provide Riot with options to buy up to a total of 265,000 additional miners from MicroBT, on the same terms as the new order. Assuming full exercise of Riot's purchase options, the additional miners would add 75 EH/s to Riot's self-mining capacity, to a potential total of greater than 100 EH/s.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 04, 2023 09:34 ET (14:34 GMT)

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