Long Blockchain Corp., the Farmingdale company formerly named Long Island Iced Tea Corp., today announced that it has penned a definitive agreement to acquire 1,000 Antminer S9 mining rigs and 1,000 APW3++ PSUs. The first batch of S9 Antminers is scheduled to be shipped and delivered in January 2018 and to start up mining operations in the same month.
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The S9 Antminers are manufactured by Bitmain, one the world’s most recognized Bitcoin/cryptocurrency companies. The mining rig is listed on Bitmain’s site at nearly $2000, and is currently viewed as one of the best mining options available based upon price per hash (13.5 TeraHash per second) and electrical efficiency (0.098 watts per Gigahash).
The mining rigs are planned to operate at a co-location facility located in a Nordic country, where the all-in cost of operating the miners, inclusive of electricity, rent, cooling, general rig maintenance and management, will be competitive as the mining farm will use geothermal and hydro-electric power sources.
Philip Thomas, CEO of Long Blockchain, commented, “We view this transaction as an important and validating initial step in the Company’s progression into blockchain technology. The commencement of our mining operations places us on a path to generating blockchain-related revenue through the accumulation of bitcoin. This platform will help support our longer-term strategy of engaging in partnerships, investments and acquisitions in the blockchain ecosystem.”