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Riot Blockchain Deals With Bitmain To Buy 15,000 Antminers

Riot Blockchain, the Nasdaq-listed cryptocurrency mining company, has dealt with Chinese mining giant Bitmain to buy 15,000 Antminers.

It has been reported that the Colorado-based firm expects the new purchase will contribute a 65% increase to its total Bitcoin (BTC) mining hash rate.

However, the purchase cost Riot $35 million by comprising of 3,000 S19 Pro Antminers and 12,000 S19j Pro Antminers, as the company expects to receive and deploy the new miners starting from May 2021 up to October 2021.

The report said that with the latest purchase, Riot expands its total mining equipment from Bitmain, as the company has been regularly receiving and deploying new miners in 2020.

Colorado-based #crypto mining firm @RiotBlockchain estimates to increase its #Bitcoin mining hash rate by 65% with its total miners from @BITMAINtech — Cointelegraph (@Cointelegraph) December 22, 2020

It has been analyzed that at full deployments of more than 37,000 miners, Riot estimates its total operational hash rate to surge from 2.3 EH/s to 3.8 EH/s, consuming about 120 megawatts of energy.

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

He added:

“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.”

Likewise, as part of its partnership with Riot, Bitmain has been consistently delivering its latest Antminers to the United States-based firm.

Thus, in October 2020, the companies announced a deal for 2,500 Antminer S19 Pro on top of the previous batch of 5,100 Antminers deal and another one for 8,000 Antminers in September.

Source: Cointelegraph

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