A Bitcoin mining business named Riot Platforms, formerly known as the Riot Blockchain, announced on June 26 that it has spent $162.9 million on 33,280 “next-generation” Bitcoin miners for its Texas facility.
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Riot Platforms’ Self Mining Capacity to Reach 20.1 EH/s
According to Jason Les, CEO of Riot Platforms, the agreement would enable the company to self-mine at a rate of 20.1 EH/s after the necessary machinery will start working in the first quarter of 2024. He also mentioned the rigs are meant for “immersion cooling systems,” like those employed at the company’s Corsicana plant.
He stated: “These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance our already strong fleet efficiency in advance of the upcoming Bitcoin halving.”
Installation to be Completed Before 2024
Equipments that have been purchased from mining equipment provider MicroBT, are expected to increase the company’s self-mining capacity by 7.6 exahashes per second (EH/s) and are expected to be installed before the subsequent halving cycle for Bitcoin, which is scheduled to occur in mid 2024.
Machines to Arrive in December
These 33,280 machines are divided into 8,320 M56S+ models, which have a hash rate of 220 terahashes per second (TH/s), and 24,960 M56S++ models, which are somewhat more potent at 230 TH/s.
Additionally, it is anticipated that the machines are not going to arrive in December as well as their setting up are likely to be fully finished in the middle of 2024.
Riot Platforms May Buy 66,560 More Models
Furthermore, Riot Platforms also disclosed that it may buy 66,560 M56S++ models by December 31, 2024, boosting the company’s capacity for self-mining by 15.3 EH/s.
This news comes after the firm generated 740 BTC in January, a 62% increase over the previous month’s output and an all-time high for the month for the organization. However, the encouraging start contrasts with the underwhelming output levels and decreased income projected by the end of 2022.
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