Riot Blockchain, NASDAQ listed company has a purchase agreement of 8000 S19 Pro mining equipment with BitmainTech PTE LTD. The agreement was signed for the $17.7 million with the deployment in January 2021.
Details of the Purchase
Shipment for the Antiminers will proceed in a batch of 2000 S19 pros every month as mentioned starting from January 2021. At the completion of delivery of all equipment Riot will be operating at the capacity of 15040 Antiminers and the hashrate capacity of bitcoin will approximately increase up to 1.45 EH/s or 1,446 PH/s making the electricity consumption to reach 47 megawatts of energy by an approx. The Antiminer S19 Pro is the most advanced BTC Application Specific Integrated Circuit (ASIC) of BitmainTech. It has the energy efficiency of 29.5% (error of 5%) joules per terahash (J/TH).
Riot’s Plan to be the Largest Mining Company
Remo Mancini, who is an Independent Chairman of Riot Blockchain expresses that this purchase is the second phase of strategic target transformation to be the largest mining company in North America. He further adds that with the current mining capacity and market conditions, the company has expected to gain positive cash flow by the end of this year. With the addition of new miners, it will bring the mining efficiency of Riot up to 33.12 ( with an error of 5%) joules per terahash (J/TH).
Riot’s journey to this Milestone
In February 2017 Riot purchased 4000 S17 pro miners which made their hash rate capacity to reach 247 PH/s. Later in April, the company entered in an agreement of co-location with Coinmint to relocate their mining operations in Massena, New York. This cut the cost of operation for the company and further induced the purchase of 1000 S19 Antiminers from Bitmain. 1040 S19 miners in May, 1,000 in June and July and another 1,040 in August increased the company’s hash rate capacity to 566 PH/s.
Competition by another NASDAQ listed company
Marathon patent Group which is another NASDAQ listed company has also entered in a long term partnership with BitmainTech. They have made a contract for 10,500 S19 pro Antiminers which will bring the company’s capacity to 12,520 running machines. This will be generating a hash rate of 1.55 EH/s. More details here.
