From Investing.com:

Riot Platforms, Inc. has acquired 31,500 WhatsMiner M60S miners from MicroBT for $97.4 million, aiming to boost its mining operations at the Rockdale Facility. The new miners are set to increase hash rate capacity from 12.4 EH/s to 15.1 EH/s by July 2024, enhancing operational efficiency with next-gen technology.

Riot intends to use 14,500 miners to expand self-mining capacity and replace older machines with the remaining 17,000 units. The company projects reaching a 31 EH/s hash rate capacity by the end of 2024. MicroBT’s COO highlights the significance of this order in achieving Riot’s long-term mining fleet goals.

Investors are monitoring Riot Platforms, Inc.’s market performance as it expands its Bitcoin mining operations. With a $4.4 billion market cap, Riot’s strategic investments aim to strengthen its position despite a current challenging P/E ratio of -60.78. Holding more cash than debt could provide stability in navigating cryptocurrency market volatility.

InvestingPro suggests that Riot’s recent strong returns over various periods reflect investor confidence in the company’s growth prospects. By aiming for a 31 EH/s hash rate capacity by 2024, Riot aligns its strategic moves with potential long-term market growth. Additional InvestingPro Tips offer in-depth analysis for interested investors.



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