Riot Platforms, Inc. announced that it has entered into a long-term purchase agreement with MicroBT Electronics Technology Co., LTD, through its manufacturing subsidiaries, (MicroBT). Under the Agreement, Riot has secured an initial order of 33,280 next-generation Bitcoin miners from MicroBT. The miners will be produced by MicroBT in the United States for Riot’s Corsicana Facility, for total consideration of $162.9 million (exclusive of applicable taxes and fees and adjustments), equating to approximately $21.50 per terahash (TH). The Agreement provides delivery of the new miners starting in December 2023, with miner deployment planned to begin in the first quarter of 2024.

Upon full deployment of the 33,280 miners ordered, which is anticipated to be completed by mid-2024, Riot’s self-mining hash rate capacity is expected to increase to 20.1 EH/s. Riot has also secured the option to purchase up to 66,560 additional M56S++ miners from MicroBT, on the same terms as the initial order, under the Agreement. Assuming full exercise of Riot’s option, the 66,560 additional miners would add 15.3 EH/s to Riot’s self-mining capacity, to a potential total of 35.4 EH/s. Riot may execute the option, in whole or in part, through December 31, 2024. In addition, Riot and MicroBT’s new partnership will secure a robust domestic supply chain in the United States, increasing domestically produced options for Bitcoin miners and marking a significant milestone for the industry.

MicroBT will manufacture these miners at a facility in Pittsburgh, PA, which will lead to the creation of new, highly skilled jobs in the local area.