(MENAFN- globenewswire – nasdaq) Castle Rock, Colo. , June 26, 2023 (globe newswire) — Riot Platforms, Inc. (Nasdaq: Riot) (“Riot” or the “Company”), a leader in Bitcoin middle hosting (BTC) mining and knowledge, announced that it has entered into a long-term acquisition agreement (the “Agreement”) with MicroBT Electronics Technology Co. , Ltd, through its production subsidiaries (“MicroBT”), a leading manufacturer of bitcoin miners with production services in the United States. As part of the deal, Riot secured an initial order for 33,280 next-generation bitcoin miners from MicroBT. The miners will be produced via MicroBT in the US. The U. S. grant for Riot’s installation in Corsicana, for a total attention of $162. 9 million (excluding applicable taxes, fees, and adjustments), which equates to approximately $21. 50 according to Terahash (TH).
The agreement provides for the delivery of the new miners from December 2023, with the deployment of the miners to begin in the first quarter of 2024. After the full deployment of the 33,280 miners ordered, which is expected to end in mid-2024, Riot’s self-extracting hash rate capacity is expected to increase to 20. 1 EH/s.
Riot also received the option to acquire up to 66,560 additional M56S miners from MicroBT, on the same terms as the original order, as part of the deal. s to Riot’s self-extracting capacity, for a prospective total of 35. 4 EH/s. Riot can execute the option, in whole or in part, until December 31, 2024.
“Riot is excited to announce our first order for bitcoin miners for our microBT installation in Corsicana,” said Jason Les, CEO of Riot. in particular for immersion cooling systems, such as those that will be used in our Corsicana factory. These new miners will contribute an extra 7. 6 eh/s to Riot’s auto-mining capacity when fully deployed and to the already strong power of our fleet ahead of bitcoin’s next halving.
In addition, the new partnership between Riot and Microbt will ensure a strong domestic origin chain in the U. S. It expands the functions produced for bitcoin miners and marks a vital milestone for the industry. MicroBT will manufacture these miners at a plant in Pittsburgh, Pennsylvania, creating new, highly professional jobs in the region.
“Riot is pleased to identify this dating with MicroBT for onshore production and secure this critical supply chain for our business,” said Riot CEO Jason Les.
“The announcement of this order from Riot is a major milestone in Microbt’s history,” said Jordan Chen, general manager of our Microbt engineering teams. All machines purchased through Riot will be manufactured in our U. S. factory. This order will result in the expansion of our operations, allowing us to hire and train new workers to move forward with our developing U. S. production business. U. S.
About MicroBT
MicroBT is a blockchain-based generation company, which focuses on studies and development, production and sale of chips and embedded circuit products, and provides answers of high-performance computing formulas and technical service. MicroBT recently started its Bitcoin mining hardware production operations in the United States. States
About Whatsminer
Whatsminer is a leading logo for chip design and mining hardware developed through MicroBT. As one of the most effective and successful mining logos on the market, Whatsminer is widely used in retail and institutional mining through clients around the world.
About Riot Control Platforms, Inc.
Riot (NASDAQ: RIOT) will be the world’s first Bitcoin-based infrastructure platform.
Our project is to have a positive effect on the sectors, networks and communities we reach. We believe that the combination of innovation and a strong networking partnership enables the company to achieve best-in-class execution and generate successful results.
Riot is a bitcoin mining and virtual infrastructure company that focuses on a vertical integration strategy. The company has know-how operations in Central Texas, Bitcoin mining operations in Central Texas, and electrical appliance manufacturing and engineering operations in Denver, Colorado.
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Statements in this press release that are not past facts are forward-looking statements that reflect existing expectations, assumptions, and estimates regarding long-term functionality and economic conditions. Those statements are dependent upon the safe harbor provisions of section 27a of the Securities Act of 1933 and section 21e of the Securities Act of 1934. Because those statements are subject to dangers and uncertainties, actual effects may differ materially. of those expressed or implied through such statements. forward-looking statements. Words such as ‘anticipates’, ‘believes’, ‘plans’, ‘expects’, ‘intends’, ‘will’, ‘potential’, ‘hope’ and similar expressions are intended to identify forward-looking statements. Those forward-looking statements would possibly include, but are not limited to, statements about the benefits of the acquisitions, aggregated monetary and performance effects, and the Company’s plans, objectives, expectations and goals. Dangers and uncertainties that may also cause actual effects to differ from those expressed in forward-looking statements include, but are not limited to: unaudited bitcoin production estimates; long-term expansion of our hash rate (eh/s); the expected benefits, schedule structure and prices related to the expansion of the Navarro site; our expected delivery schedule for new miners; the manufacturer’s declared power score of new miners compared to the actual functionality of those miners would possibly vary significantly; the effect of weather events on our operations and effects; our ability to effectively implement new miners; Variation in our mining pool rewards would possibly have a negative effect on our bitcoin production effects; mw of capacity under development; we may not be able to obtain the expected benefits of immersion cooling; the integration of the acquired businesses may not be successful, or such integration may take longer or be more difficult, time consuming or costly than expected; fails to differently realize the expected efficiencies and strategic and monetary benefits of our acquisitions; and the impact of covid-19 on us, our consumers or suppliers in relation to our estimated delivery times. Detailed data relating to items known through the control of the company that you believe may also cause actual effects to differ materially from those expressed or implied by such forward-looking statements in this press release would possibly be discovered in filings through the company with the United States. Securities and Exchange Commission (the “sec”), adding the dangers, uncertainties and other points discussed in the segments entitled “Risk Factors” and “Caution Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10 -k for the year ended December 31, 2022, and other filings the company makes with the SEC, copies of which can be received at the SEC’s website, Array 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 purpose or legal responsibility to update or revise such forward-looking statements to reflect occasions or events that occur subsequently, or of which the company becomes aware in the future, unless as required by law. Readers of this press release are cautioned not to place undue reliance on such forward-looking statements.
Investor Contact: Phil McPherson 303-794-2000 ext. 110
Media Contact: Alexis Brock 303-794-2000 ext. 118
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