Riot Platforms buys $291M in BTC rigs as miners rakes in from Ordinals

Bitcoin miner Riot Platforms is buying 66,560 Bitcoin mining rigs from shaper MicroBT, successful 1 of its largest orders of hash-rate successful the firm’s past — up of the Bitcoin halving scheduled for April 2024.

The further acquisition statement totaled $290.5 million, Riot stated successful a Dec. 4 connection — meaning it paid an mean of $4,360 for each machine.

The right-to-purchase enactment was included successful Riot’s archetypal statement with MicroBT erstwhile it agreed to buy 33,280 machines from MicroBT successful June. The 2 firms person present updated this statement to supply Riot with options to acquisition up to 265,000 further miners from MicroBT connected the aforesaid presumption arsenic the caller order. 

Riot’s CEO Jason Les said the acquisition bid is “the largest bid of hash rate” successful the company’s past and hopes the updated statement volition alteration Riot’s mining show to fortify further.

Over 48,000 oregon 72% of the caller machines volition beryllium MicroBT’s latest model, the M66S, which has a hash complaint of 250 terahashes per 2nd (TH/s), portion the remaining machines volition dwell of the M66 (14,770) and M56S++ (3,720) models, Riot noted.

Altogether, the 66,560 miners volition adhd 18 exahashes per 2nd (EH/s) to Riot’s operations.

Purchase summary of Riot’s latest woody with MicroBT. Source: Riot Platforms

Riot said the archetypal 33,280 miners bought successful June volition commencement to deploy successful the archetypal 4th of 2024, portion the newest stack of 66,560 miners volition deploy successful the 2nd fractional of 2024.

The steadfast estimates its self-mining hash complaint capableness to scope 38 EH/s erstwhile the 99,840 rigs are afloat installed and operating, which the archetypal expects successful the 2nd fractional of 2025.

The steadfast antecedently cited the upcoming Bitcoin halving event — scheduled for April 2024 — arsenic 1 of the main reasons down its caller buying spree.

Riot’s stock, tickered RIOT, accrued astir 9% connected Dec. 4, according to Google Finance. It is present up implicit 345% truthful acold successful 2023.

Bitcoin miners summation production; Hut 8 Corp begins trading

Bitcoin miner CleanSpark produced 666 BTC successful November, up 5.2% from the 633 BTC it produced successful October and up 24% from November 2022.

The firm’s CEO Zach Bradford said the steadfast saw a “significant increase” successful accumulation from fees, which helium said is apt owed to rising involvement successful Ordinals.

“This inclination suggests that fees mightiness soon go a larger root of gross arsenic bitcoin’s usage cases turn and adoption increases,” Bradford added.

Meanwhile, NASDAQ-listed TeraWulf said it mined 323 BTC successful November, up 3% from its October production. The steadfast said overmuch of this was driven by higher web transaction fees but didn’t notation the interaction of Ordinals.

Related: Marathon, Riot among astir overvalued Bitcoin mining stocks: Report

Hut 8 completed its merger with United States-based mining steadfast Bitcoin Corp connected Nov. 30 to signifier Hut 8 Corp, which started trading connected the NASDAQ and Toronto Stock Exchange (ticker: HUT) connected Dec. 4.

However, the merged entity's speech debut seemingly stumbled, falling 11.75% and 7.44% connected the day, according to Google Finance.

Change successful HUT’s stock terms connected the NASDAQ connected Dec. 4. Source: Google Finance

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