Riot Platforms is one of the leading cryptocurrency mining companies with a steady stream of income.

A Well-Grounded Company

The company’s strength lies in the sheer scale of operations, which allows it to drive down the cost of mining Bitcoin by virtue of its immense processing power.

Although it faced a significant downturn during crypto winter – much like any other platform in its situation – the company faced no real difficulties in staying afloat, even securing an investment worth just over 10% of its value from Vanguard.

Now that the market for Bitcoin is back in vogue, Riot Platforms is looking to capitalize on these headwinds as much as possible.

Thousands of New Mining Rigs

Riot Platforms has a long-standing agreement with mining rig builder MicroBT Electronics, from whom it has already bought 33,280 miners.

However, the purchase agreement allowed Riot to acquire more miners at a later date at a similarly preferential price.

Today, Riot announced the purchase of 66,500 more miners from MicroBT. All of these machines should be fully operational by the end of 2024, with the first tranche expected to be deployed by the end of the first quarter.

$Riot Exercises Purchase Option on 18 EH/s of Latest Generation Immersion Miners from MicroBT, and Secures Additional Purchase Options Providing a Path to Exceed 100 EH/s.

– Riot places order for 18 EH/s of latest generation MicroBT Bitcoin miners, primarily consisting of the… pic.twitter.com/tEEudV6Z8n

— Riot Platforms, Inc. (@RiotPlatforms) December 4, 2023

Furthermore, Riot has the option to buy as many as 265,000 more miners at the same price.

“I’m excited t