Bitcoin miner Riot increases hashrate

Next year, the Bitcoin halving place, cutting the block reward in half. Miner Riot is preparing for the future and expanding its hashrate capacity.

Like Riot explains in a press release, the mining company purchased about 33,280 new ASICs for nearly US$163 million.

The agreement with hardware manufacturer MicroBT provides for delivery in December 2023. By mid-2024, Riot plans to complete the installation, which should increase the hashrate to 20.1 EH/s.

In addition, Riot would have the option to purchase another 66,560 M56S++ miners from MicroBT under the same terms. This could increase its "self mining capacity" by 15.3 EH/s, which would equate to a total value of 35.4 EH/s, the report continues.

According to data from ycharts the Bitcoin network hashrate is 379 EH/s at the time of writing.

Jason Les, CEO of Riot, said, "These new models are among the most powerful and efficient devices ever made for Bitcoin mining".

Riot is one of the largest Bitcoin miners in the world and has recently faced criticism over its energy consumption.

Want to learn more about hashing? You read about it here.