2024

Galaxy

Bitcoin

<p class="is-style-lead">Riot Platforms has acquired 31,500 Bitcoin mining machines, and CleanSpark has completed the acquisition of three new facilities.</p> 
<p>The strategic acquisitions are part of a broader effort by crypto miners to enhance efficiency and prepare for the <a href="https://crypto.news/tag/bitcoin-halving/" data-type="link" data-id="https://crypto.news/tag/bitcoin-halving/">Bitcoin halving</a>, which will reduce per-block rewards from 6.25 BTC to 3.125 BTC, putting financial pressure on the mining operations.</p> 
<p>Riot Platforms’ $97.4 million purchase from MicroBT is set to increase the <a href="https://crypto.news/tag/bitcoin-hashrate/" data-type="link" data-id="https://crypto.news/tag/bitcoin-hashrate/">hash rate</a> capacity at its Rockdale, TX facility from 12.4 exahashes per second (EH/s) to 15.1 EH/s by July’s end. The acquisition of M60S air-coolers aims to replace underperforming miners and is part of Riot’s plan to replace 17,000 miners while adding 14,500 more.</p> 
<p>Riot’s CEO Jason Les emphasized the importance of securing newer and more efficient mining machines in a <a href="https://www.riotplatforms.com/riot-purchases-31500-miners-from-microbt-to-enhance-and-expand-self-mining-operations-at-its-rockdale-facility/" data-type="link" data-id="https://www.riotplatforms.com/riot-purchases-31500-miners-from-microbt-to-enhance-and-expand-self-mining-operations-at-its-rockdale-facility/" target="_blank" rel="noopener">press release</a> with the halving event approaching. The company also has an eye on future expansion, targeting a hash rate of 31 EH/s by the end of 2024 as it continues to develop its facility in Corsicana, TX.</p> 
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   <p lang="en" dir="ltr">Riot strengthens its self-mining operations by purchasing 31,500 <a href="https://twitter.com/Whatsminer_MBT?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Whatsminer_MBT</a> M60S miners from MicroBT. This strategic investment replaces underperforming machines, boosts mining efficiency, and adds additional hash rate capacity at the Rockdale Facility.<br><br>Read more in today's… <a href="https://t.co/rBXsdjesBQ" target="_blank">pic.twitter.com/rBXsdjesBQ</a></p>— Riot Platforms, Inc. (@RiotPlatforms) <a href="https://twitter.com/RiotPlatforms/status/1762478298297434187?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 27, 2024</a>
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<p> You might also like: <a href="https://crypto.news/bitcoin-nft-magic-eden-february/"> Bitcoin NFTs cross $100m trading volume on Magic Eden in February </a> </p> 
<p>CleanSpark’s recent completion of three data center <a href="https://crypto.news/cleanspark-to-double-hash-rate-with-new-mining-facility-acquisitions-ahead-of-bitcoin-halving/" data-type="link" data-id="https://crypto.news/cleanspark-to-double-hash-rate-with-new-mining-facility-acquisitions-ahead-of-bitcoin-halving/">acquisitions</a> in Mississippi, part of a $19.8 million cash deal, marks another expansion to increase its operational hash rate by roughly 2.4 EH/s.</p> 
<p>“CleanSpark is also in a sprint to add more hash rate as quickly as possible,” CEO Zach Bradford said in a <a href="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Exceeds-15-EHs-Completes-Acquisition-of-Mississippi-Bitcoin-Mining-Data-Centers/default.aspx" data-type="link" data-id="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Exceeds-15-EHs-Completes-Acquisition-of-Mississippi-Bitcoin-Mining-Data-Centers/default.aspx" target="_blank" rel="noopener">press release</a> about the swift integration of the new facilities. Bradford added that the acquisition has already boosted the company’s fleetwide hash rate to over 15 EH/s.</p> 
<p>The acquisitions reflect the nature of the <a href="https://crypto.news/tag/mining/" data-type="link" data-id="https://crypto.news/tag/mining/">crypto mining</a> industry, with Louise Abbott, a crypto-focused partner at Keystone Law, noting that the success of Bitcoin miners hinges on several factors, including energy costs and equipment efficiency.</p> 
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   <p lang="en" dir="ltr">Our acquisition of three Mississippi <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> mining data centers is complete and initial operations have already begun, boosting <a href="https://twitter.com/search?q=%24CLSK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$CLSK</a>'s operating <a href="https://twitter.com/hashtag/hashrate?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#hashrate</a> to over 15 EH/s.<br><br>In nearby Georgia, we have invested over $700 million into energy infrastructure, miners, buildings, and… <a href="https://t.co/4U2tE3bn6U" target="_blank">pic.twitter.com/4U2tE3bn6U</a></p>— CleanSpark Inc. (@CleanSpark_Inc) <a href="https://twitter.com/CleanSpark_Inc/status/1762479430398574595?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 27, 2024</a>
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<p>As the halving is poised to disrupt the profitability of certain mining operations, companies like <a href="https://crypto.news/tag/riot-blockchain/" data-type="link" data-id="https://crypto.news/tag/riot-blockchain/">Riot Platforms</a> and <a href="https://crypto.news/tag/cleanspark/" data-type="link" data-id="https://crypto.news/tag/cleanspark/">CleanSpark</a> are aggressively pursuing advancements to secure their positions in the market.</p> 
<p>Galaxy Digital analysts have <a href="https://crypto.news/galaxy-drop-bitcoin-hash-rate-halving/" data-type="link" data-id="https://crypto.news/galaxy-drop-bitcoin-hash-rate-halving/">warned</a> that up to 20% of the network hash rate from eight mining models could go offline after the halving, underscoring the critical nature of these strategic expansions for maintaining competitiveness in a tightening market.</p> 
<p> Read more: <a href="https://crypto.news/riot-platforms-bitcoin-mining-output-surged-by-19-2023/"> Riot Platforms Bitcoin mining output surged by 19% in 2023: report </a> </p>

Riot Platforms, CleanSpark expand Bitcoin mining operations ahead of halving

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