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Riot Platforms, Inc., a Bitcoin mining company, has recently made a substantial purchase of over 66,000 miners from MicroBT, a leading Bitcoin mining hardware manufacturer. This acquisition is the largest hash rate purchase made by Riot to date. The newly acquired miners are of the M66S model, known for their impressive efficiency rating of 18.5 Joules per terahash. The total cost of these miners amounts to $290.5 million, with an average price per terahash of approximately $16.This purchase is in addition to the 33,280 miners that Riot had previously secured. Furthermore, Riot has also updated its long-term purchase agreement with MicroBT, which now allows for the potential acquisition of up to 265,000 additional miners. The initial batch of miners is scheduled to be deployed in the first quarter of 2024, while delivery for the newly announced batch will commence in the second half of next year.The news of Riot’s strategic purchases and expansion plans has had a positive impact on investor sentiment. As of Monday afternoon, Riot’s stock price has risen by 8% in a single day and nearly 24% over the past week. This increase in stock price reflects the market’s confidence in Riot’s growth prospects and its ability to capitalize on the booming Bitcoin industry.It is worth noting that Riot’s stock price has experienced significant fluctuations in the past. While it is currently trading at $15.07, which is significantly lower than its all-time high of $79.50 reached in February 2021, there is optimism that the bullish outlook for Bitcoin could drive RIOT’s stock price higher in the future.In line with the positive sentiment surrounding Bitcoin, the cryptocurrency itself has reached new highs. On Monday, the price of Bitcoin surged to $42,000, marking its highest level since April 2022. This upward movement in Bitcoin’s price further reinforces the potential for growth in the Bitcoin mining industry, which Riot is well-positioned to benefit from with its increased self-mining capacity.Overall, Riot Platforms, Inc.’s recent hash rate purchase and expansion plans have generated excitement among investors. With the potential acquisition of additional miners and the bullish outlook for Bitcoin, Riot is poised for further growth in the Bitcoin mining sector.