Riot Blockchain Acquires 15,000 Antminers, Forecasts Hash Rate of 3.80 EH/s
Nasdaq-headquartered cryptocurrency mining enterprise Riot Blockchain has signed another agreement with Bitmain, the China headquartered mining behemoth, to acquire 15,000 Antminers.
As per the media release, the Colorado headquartered Riot anticipates the latest purchase to result in a 65% rise in aggregate Bitcoin (BTC) mining hash rate.
The total purchase value is pegged at $35 million, consisting of 12,000 S19j and 3,000 S19 Pro Antminers. Riot anticipates to get delivered and employ the fresh set of miners between May and October 2021.
Following the recent order, Riot has taken another towards cementing its position as one of the largest crypto miners across the globe. Upon completion of deployment, Riot, with 37,000 rigs, expects its aggregate hash rate to rise to 3.8 EH/s, from 2.3 EH/s, and take in roughly 120 megawatts of energy.
Jeff McGonegal, CEO of Riot, opined that sustained increase in installation of mining equipment is “paramount to a miner’s success.” He further stated:
“Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased.”
As one of the several initiatives under collaboration with Riot, Bitmain has been systematically shipping its state-of-the-art Antminers to the US headquartered company. Back in October, both companies revealed the contract for 2,500 Antminer S19 Pro in addition to the earlier contracts for 5,100 Antminers and the foremost one for 8,000 miners placed in September.
Bitmain, arguably the largest crypto mining hardware supplier, is proactively involved in establishing its presence in North American market. Back in September, Bitmain stated that mining operator Core Scientific will turn into foremost North American collaborative repair facility.
Earlier, Bitmain had joined hands with Foundry, a fully-owned cryptocurrency mining associate firm of Digital Currency Group. Under the collaboration, Foundry was established to offer funding to Bitmain’s final clients in the market.