Spending IDR 4.5 Trillion, Riot Platforms Mining Company Buys 66,569 ASIC Machine Units

JAKARTA - Riot Platforms, a bitcoin mining company listed on the Nasdaq exchange, announced a massive expansion plan. The company has acquired 66,560 units of the Whatsminer M66S model bitcoin miners from Microbt, an application-only integrated circuit hardware manufacturer (ASIC).

The acquisition value reached 290.5 million US dollars (Rp4.5 trillion) and is expected to increase Riot mining capacity to 18 exahash per second (EH/s). Riot operates in Texas and is one of the largest bitcoin mining companies in the crypto asset industry. This acquisition is the largest Riot has ever done. In addition, Riot also got the option to buy an additional 75 EH/s of hardware from Microbt.

Whatsminer M66S bitcoin miners are advanced devices that use submerging technology. This device has an efficiency of 18.5 joules per terahash (J/T) and is able to produce between 270 to 298 terahash per second (TH/s).

Riot had previously purchased 33,280 units of ASIC Microbt bitcoin miners in June with a total capacity of 7.8 EH/s. The miner is scheduled to start operating in the first quarter of 2024. Meanwhile, the latest miners with a capacity of 18 EH/s will be operational in the second half of 2024.

Jason Les, CEO of Riot, expressed his enthusiasm for the company's expansion plan. "We continue to build infrastructure in our facilities in Corsisa, in accordance with our proven and sustainable vertical integrated strategy," he said.

"Riot is excited to strengthen cooperation with Microbt and to detail our plans to achieve and exceed 100 EH/s in the coming years," added Jason Les.