Riot plots aggressive hash rate growth via latest MicroBT deal

The company gains the option to buy 265,000 more miners to grow hash rate above 100 EH/s over the long term


PHOTOCREO Michal Bednarek/Shutterstock modified by Blockworks


Crypto miner Riot Platforms has bought another 66,000+ machines as part of a deal with MicroBT that could ultimately help the company eclipse 100 exahash per second (EH/s) in mining capacity. 

The buy of MicroBT M66S model machines for $290.5 million is the largest hash rate purchase in Riot’s history, Riot CEO Jason Les said in a statement Monday. It amounts to approximately 18 EH/s of mining capacity.

The Colorado-based miner, which operates mainly in Texas, had 11.7 EH/s of deployed hash rate as of Oct. 31.

Its latest buy comes after Riot made a deal in June with the China-based bitcoin miner manufacturer in June to buy 33,280 machines — the initial order in what the company called a “long-term purchase agreement.”

Read more: Riot inks MicroBT deal to build bitcoin miners in US — not China

The company had secured the option to buy an additional 66,560 machines before the end of 2024. It chose to do so Monday, and it also updated the agreement to include the option to purchase up to 265,000 more MicroBT miners on the same terms as the new order.

Such future purchases would add 75 EH/s to the company’s self-mining capacity, pushing it above 100 EH/s.

Riot bought the 66,560 machines at a cost of $16 per terahash, the company said.

“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,” Les said in a statement. 

The crypto mining sector is expected to come under financial stress next year, with the next bitcoin halving — when per-block mining rewards will fall from 6.25 bitcoin (BTC) to 3.125 BTC — slated for April. 

Industry players have made moves of late.

Hut 8 and US Bitcoin Corp finalized their merger last week in a deal executives say helps diversify the business. Another Riot competitor, Marathon Digital, continues to expand geographically and diversify its mining methods.

Like Riot, Bitfarms last week made a big purchase, buying nearly 36,000 Bitmain T21 miners as part of “a transformative fleet upgrade plan.”

“To be a large scale miner you need to be bold and think two steps ahead of your peers who are also your competitors,” Dan Weiskopf, a co-portfolio manager of the Amplify Transformational Data Sharing ETF (BLOK), previously told Blockworks. 

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million