Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or, the “Company”), an
industry leader in Bitcoin (BTC) mining and data center hosting,
announced today that it has executed a purchase option and updated
its long-term purchase agreement (the “Agreement”) with MicroBT
Electronics Technology Co., LTD, through its manufacturing
subsidiaries, (“MicroBT”) a prominent manufacturer of Bitcoin
miners. Under the purchase order, Riot will receive 66,560 latest
generation miners from MicroBT, representing a total of 18 EH/s, in
addition to the previously announced purchase of 33,280 miners.
The expected schedule for these two purchase orders is outlined
below:
- Q1 2024: Deployment of the previously announced purchase order
of 33,280 MicroBT miners begins
- H2 2024: Delivery and deployment begins for the new purchase
order of 66,560 additional MicroBT miners
- H2 2025: Deployment of miners under all current purchase order
to be completed, Riot’s self-mining hash rate capacity to exceed 38
EH/s
The new order will primarily consist of
MicroBT’s recently announced M66S, its most efficient miner,
showcasing an efficiency rating of 18.5 Joules per terahash (“TH”).
All miners in the order will be manufactured in the United States
and purpose-built for immersion cooling. The total consideration
under the Agreement is $290.5 million (exclusive of applicable
taxes, fees and adjustments), equating to an average price for all
miners of approximately $16/TH.
Purchase Order Summary |
Model |
# of Units |
Hash rate (TH/s) |
Efficiency (Joules/TH) |
M56S++ |
3,724 |
230 |
22.0 |
M66 |
14,778 |
250 |
19.9 |
M66S |
48,058 |
280 |
18.5 |
Total/Weighted Average |
66,560 |
18 EH/s |
19.0 |
Riot and MicroBT have also updated the Agreement
to provide Riot with options to purchase 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.
“I’m excited to announce the largest order of
hash rate in Riot’s history,” said Jason Les, CEO of Riot. “This
purchase order and updated Agreement ensures that we will continue
to own and operate one of the largest and most efficient Bitcoin
mining fleets in the world. The price of these future purchase
options will not exceed our current order as announced today,
giving Riot the ability to more effectively plan future capital
requirements and providing protection from potentially higher
market prices for miners in the future.
“Alongside Riot’s commitment for hash rate
growth, we are actively building out the infrastructure at our
Corsicana Facility, consistent with our long-standing, proven,
vertically-integrated strategy. Riot is thrilled to further
strengthen our relationship with MicroBT and to lay out our roadmap
to reach and exceed 100 EH/s in the coming years.”
“MicroBT is proud to announce several significant updates to the
long-term Agreement between us and Riot,” said Jordan Chen, COO of
MicroBT. “We are grateful to Riot for the confidence and trust
placed in MicroBT, and for the positive working relationship that
has been built between our two companies. The entire team at
MicroBT is looking forward to continuing to support Riot’s effort
to become the world’s leading Bitcoin-driven infrastructure
platform.”
About MicroBT
Founded in 2016, MicroBT is a technology company
focused on the research, development, production and sales of
integrated circuits and Bitcoin mining hardware under the
“Whatsminer” brand (www.whatsminer.com). MicroBT has recently
commenced its United States-based manufacturing operations of
Bitcoin mining hardware.
About Riot Platforms,
Inc.
Riot’s (NASDAQ: RIOT) vision is to be the
world’s leading Bitcoin-driven infrastructure platform.
Our mission is to positively impact the sectors,
networks, and communities that we touch. We believe that the
combination of an innovative spirit and strong community
partnership allows the Company to achieve best-in-class execution
and create successful outcomes.
Riot is a Bitcoin mining and digital
infrastructure company focused on a vertically integrated strategy.
The Company has data center hosting operations in central Texas,
Bitcoin mining operations in central Texas, and electrical
switchgear engineering and fabrication operations in Denver,
Colorado.
For more information, visit
www.riotplatforms.com.
Safe Harbor
Statements in this press release that are not
historical facts are forward-looking statements that reflect
management’s current expectations, assumptions, and estimates of
future performance and economic conditions. Such statements rely on
the safe harbor provisions of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Because such statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Words such as
“anticipates,” “believes,” “plans,” “expects,” “intends,” “will,”
“potential,” “hope,” and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements may include, but are not limited to, statements about
the benefits of acquisitions, including financial and operating
results, and the Company’s plans, objectives, expectations, and
intentions. Among the risks and uncertainties that could cause
actual results to differ from those expressed in forward-looking
statements include, but are not limited to: unaudited estimates of
Bitcoin production; our future hash rate growth (EH/s); the
anticipated benefits, construction schedule, and costs associated
with the Navarro site expansion; our expected schedule of new miner
deliveries; the manufacturer’s stated efficiency rating of new
miners as opposed to the actual miner performance achieved of such
miners may vary significantly; the impact of weather events on our
operations and results; our ability to successfully deploy new
miners; the variance in our mining pool rewards may negatively
impact our results of Bitcoin production; M.W. capacity under
development; we may not be able to realize the anticipated benefits
from immersion-cooling; the integration of acquired businesses may
not be successful, or such integration may take longer or be more
difficult, time-consuming or costly to accomplish than anticipated;
failure to otherwise realize anticipated efficiencies and strategic
and financial benefits from our acquisitions; and the impact of
COVID-19 on us, our customers, or on our suppliers in connection
with our estimated timelines. Detailed information regarding the
factors identified by the Company’s management which they believe
may cause actual results to differ materially from those expressed
or implied by such forward-looking statements in this press release
may be found in the Company’s filings with the U.S. Securities and
Exchange Commission (the “SEC”), including the risks, uncertainties
and other factors discussed under the sections entitled “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
of the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, and the other filings the Company makes
with the SEC, copies of which may be obtained from the SEC’s
website, www.sec.gov. All forward-looking statements included in
this press release are made only as of the date of this press
release, and the Company disclaims any intention or obligation to
update or revise any such forward-looking statements to reflect
events or circumstances that subsequently occur, or of which the
Company hereafter becomes aware, except as required by law. Persons
reading this press release are cautioned not to place undue
reliance on such forward-looking statements.
Investor Contact:Phil McPherson303-794-2000 ext.
110IR@Riot.IncMedia Contact:Alexis Brock303-794-2000 ext.
118PR@Riot.Inc
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