Plus   Neg

Riot Blockchain To Boost 2021 Bitcoin Mining Hash Rate Capacity By 65%

riot bitmain 122220 lt

U.S.-listed company Riot Blockchain, a former biotech firm now focusing on bitcoin mining, is set to purchase 15,000 S19 Pro and S19j Pro Antminers from Bitmain Technologies Ltd. at a total price of approximate $35 million. The deployment of these next-generation Bitmain Antminers are expected to boost its Bitcoin mining hash rate capacity by 65 percent.

The Bitcoin miner is in the process of expanding and upgrading its mining operations by securing the most energy efficient miners currently available. The latest purchase comprises of 3,000 S19 Pro Antminers (110 TH) and 12,000 S19j Pro Antminers (100 TH).

These additional miners are scheduled for receipt and deployment starting in May 2021 and continuing through October 2021. Riot will gain an aggregate mining efficiency of 31.79±% 5 joules per terahash (J/TH) after full deployment.

The additional Antminers will also expand Riot's total fleet to 37,640 next-generation Bitmain Antminers and boost its 2021 total hash rate capacity to over 3.8 exahash per second (EH/s) from the previously announced 2.3 EH/s.

Riot Blockchain said all the miner purchases continue to be funded using available working capital and it has no long-term debt. The Company is continuing to assess the bitcoin landscape with the assistance of XMS Capital in evaluating opportunities and transactions to further increase shareholder value.

To assist it in evaluating its strategic growth opportunities, Riot Blockchain had engaged XMS Capital Partners in February to help it navigate the dynamic bitcoin landscape and advise it on potential strategic transactions in bitcoin mining related operations.

Recently, Riot Blockchain relocated its mining operations under a co-location mining services contract executed with Coinmint, LLC, claimed to operate the largest digital currency data center in the world. The co-location is expected to reduce direct mining production costs, maximize hash rate, and provide expansion opportunities.

For comments and feedback contact: editorial@rttnews.com

Follow RTT