Riot Blockchain To Ramp Up its Hash Rate by 45% With Installation of 1,000 Antminers
Bitcoin (BTC) miner Riot Blockchain anticipates boosting its hash rate by 45% after the installation of 1,000 Bitmain S19 Pro Antminers, first of the three lots of latest version of miners manufactured by Bitmain.
Overall the firm has placed order for a total of 2,000 S19 Pro and 1,040 S19 miners.
The 1,000 S19 Pro units are anticipated to become functional in the next couple of day at a centre in Massena-New York, owned by associate mining firm Coinmint. Riot is presently operating 4,000 S17 Pro Antminers.
Riot’s latest Antminers will increase its operational hash rate to 357 petahashes per second, representing 0.29% of Bitcoin’s prevailing hash rate of roughly 123,000 petahashes.
After all the new miners ordered by Riot Blockchain gets delivered and installed, the company expects to operate with a hash power of 566 petahashes, reflecting a 129% increase from the level that would have achieved after the installation of the first lot of 1,000 mining hardware.
The hash power will also represent 0.46% of Bitcoin network’s total hash rate. By early 2021, Riot intends to surpass on exahash rate in terms of operational capacity.
Back in April, Riot inked a “co-location mining services contract” with Coinmint to shift a section of its Antminer S17s from its Oklahoma to New York centre, where an aluminum smelter was operating earlier on. Riot stressed that the deal would result in a reduction of air conditioning and electricity costs.
In spite of recording a $221 million shortage and depending on debt and equity funding to conduct its operations, the share price of Riot Blockchain has eclipsed Bitcoin so far this year, with the company’s quarterly revenues increasing 70% y-o-y and fading away of pump-and-dump accusations made against the company.