Riot Platforms nasdaq Riot Stock Dips Amidst 4 Million Mining Hardware Investment

Riot Platforms (NASDAQ: RIOT) Stock Dips Amidst $97.4 Million Mining Hardware Investment

Riot Platforms (NASDAQ: RIOT) stock fell as the company scaled up mining operations with a hefty $97.4 million hardware investment.

Riot Platforms (RIOT) has acquired 31,500 WhatsMiner M60S miners from MicroBT, a renowned Bitcoin mining hardware manufacturer. This acquisition, valued at $97.4 million, marks a strategic step for Riot towards fortifying its self-mining operations and optimizing efficiency at its Rockdale Facility.

The newly acquired miners, boasting an efficiency rating of 18.5 J/TH, will significantly boost the facility’s hash rate capacity. Projections indicate a surge from the current 12.4 EH/s to an impressive 15.1 EH/s by July 2024.

In a statement, Riot’s CEO, Jason Les, emphasized that the upgrade aims to phase out underperforming equipment and streamline operations with the latest miner technology.

Of the total order, around 14,500 units are slated to expand Riot’s self-mining capacity, while the remaining 17,000 will replace outdated and less efficient miners. This deployment aligns with Riot’s overarching objective of reaching a formidable 31 EH/s hash rate capacity by the close of 2024.

MicroBT’s COO, Jordan Chen, expressed enthusiasm for the ongoing partnership with Riot, highlighting the importance of this order in Riot’s broader ambition to construct a mining fleet surpassing 100 EH/s in capacity.

Riot Platforms (NASDAQ: RIOT) Stock Performance

RIOT stock declined 3.28% to close at $16.80 on Tuesday. The traders had exchanged hands with 43,500,624 (43.50 million) shares compared to the average daily trading volume of 30.08 million.