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Riot Platforms Buys $291M in BTC Miners from MicroBT

ByLouis Adams

Dec 5, 2023 #mining
Reading time: < 1 minute

Riot Platforms has announced the purchase of 66,560 mining rigs from manufacturer MicroBT. This deal is one of the largest expansions of hash rate in the company’s history and comes ahead of the Bitcoin halving event scheduled for April 2024.

The total cost of the purchase agreement was $290.5 million, with an average price of $4,360 per machine.

This purchase was made possible due to a right-to-purchase option included in Riot’s initial agreement with MicroBT, which was signed in June when Riot agreed to buy 33,280 machines.

The two companies have now updated this agreement, giving Riot the option to purchase an additional 265,000 miners from MicroBT at the same terms.

According to Riot’s CEO Jason Les, this purchase order is the largest of its kind for the company and he hopes it will strengthen their mining performance.