Riot Blockchain Buys 15,000 Antminers, Operation Will Command 37,640 Bitcoin Miners

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Publicly listed firm Riot Blockchain has announced the company is purchasing 15,000 S19 Pro and S19j Pro Antminer mining rigs from Bitmain. According to the company, the new shipment of next-generation miners will increase the operation’s hashrate to 3.8 exahash per second (EH/s).

Following the announcement from Core Scientific this week purchasing over 58,000 Antminer series ASIC bitcoin miners from Bitmain, Riot Blockchain, Inc. (NASDAQ: RIOT) revealed it has purchased 15,000 new miners. The company says that it will obtain approximately 3,000 S19 Pro Antminers (110TH/s) and 12,000 S19j Pro Antminers (100 TH/s).

Riot expects the next-generation miners to be deployed between May through October 2021.

Riot anticipates the mining rigs will increase the company’s current 2.3EH/s of hashrate a great deal. The company also notes that at full capacity, the business will command an aggregate total of 37,640 bitcoin miners.

“Riot estimates its total operational hash rate capacity will be 3.8EH/s and consume approximately 120MW of energy,” Riot detailed on Monday. “As a result, [Riot] expects to have an aggregate mining efficiency of 31.79±% 5 joules per terahash (J/TH).”

Jeff McGonegal, CEO of Riot said that the “continued growth in deployed miners is paramount to a miner’s success.”

“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,” McGonegal detailed. “We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.”

According to the company all the miners purchased are done with working capital, and Riot claims to have no long-term debt. Riot’s latest purchase is among the many big mining rig purchases in 2020, where institutional buyers like Riot, Core Scientific, Marathon, and others have ruled the roost.

This trend has invoked a number of bitcoin mining rig models to sell out very quickly and push retail buyers to secondary markets. For instance, Bitmain’s shop currently has next-gen Antminer devices for sale, but people have to settle for a “futures order.”

After the Riot Blockchain purchase of 15k miners, Irene Gao, Antminer Sales Director of NCSA Region Bitmain, detailed that the Antminer 19 series “enjoys a wide popularity in the global markets.”

What do you think about Riot Blockchain purchasing 15,000 Antminers from Bitmain? Let us know what you think about this subject in the comments section below.

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