Bitcoin Miner Riot Invests $162 Million for 33,000 Advanced Rigs

Riot Platforms, a major Bitcoin mining company, is planning to greatly increase its ability to mine Bitcoin. It has bought 33,280 mining machines from MicroBT for $162.9 million. However, these machines won't be delivered until December 2023 and won't start working until 2024.

The mining machines will be used at Riot's new facility in Corsicana, Texas. Riot's CEO, Jason Les, said that the new machines are very efficient and powerful. 

The machines that Riot has bought can perform many calculations quickly, which is important for mining Bitcoin. Mining Bitcoin involves solving complex math problems to create a new Bitcoin block. This process consumes a lot of energy. 

With this purchase, Riot's calculation rate will increase by 7.6 exahashes per second (EH/s), making a total of 20.1 EH/s across all its facilities. Riot also has the option to buy more machines, which could further increase its capacity to 35.4 EH/s.

The Bitcoin network's total calculation rate is currently 398 EH/s. Jason Les said that Riot's increased capacity will improve its performance before the next Bitcoin "halving". This event, expected in April 2024, will cut the reward for mining Bitcoin blocks in half, but could also boost Bitcoin's price. 

Other companies are also expanding their mining operations. CleanSpark recently bought two mining facilities in Georgia, and Iris Energy plans to expand capacity.