Riot Blockchain Adds Another 1,040 Bitmain S19s to Its Arsenal

Friday, 08/05/2020 | 12:42 GMT by Arnab Shome
  • The company added a total of 2,040 Antminers and will deploy them by Q3 2020.
Riot Blockchain Adds Another 1,040 Bitmain S19s to Its Arsenal
Bitmain bitcoin mining farm (Reuters)

Riot Blockchain , a Nasdaq-listed Bitcoin mining company, has purchased another 1,040 Bitcoin S19 Antminers for $1.9 million, it announced on Thursday.

This came only a week after the company’s announcement of procuring 1,000 S19 Pro Bitcoin mining machines, taking the total number of fresh procurements to 2,400.

Each unit of S19 Pro is capable of generating 110 TH per second, while S19 can produce 95 TH per second.

The Colorado-based company is planning to deploy the newly acquired miners sometime in the third quarter of this year.

Currently, the company runs 4,000 S17 Antminers with an aggregate hashing power capacity of 248 Petahash per second. The company manages multiple facilities in Oklahoma City and New York.

According to Riot, the deployment of the new machines will increase its hash power by over 80 percent to approximately 457 petahash per second and utilize approximately 16.5 megawatts of energy.

Halving is forcing miners to increase their hash power

Notably, the Bitcoin network will undergo halving in the next few days, which will reduce the mining rewards by 50 percent - from 12.5 Bitcoins to 6.25 Bitcoins.

With a historical trend of a bull run in Bitcoin prices with halving, many are jumping into Bitcoin mining, resulting in a record spike in the mining difficulty.

Meanwhile, the company also reported that it mined 108 Bitcoins in the month of April.

Other commercialized Bitcoin miners are also reporting record figures recently. Hut 8, a Canadian Bitcoin mining company, generated $58 million in revenue in 2019 - a jump of 66 percent from its previous year’s figures - while Argo Blockchain’s numbers jumped 1,000 percent for the year.

Finance Magnates recently reported that VBit, a US-based Bitcoin mining company, raised $1.1 million for expanding its operations in Canada.

Riot Blockchain , a Nasdaq-listed Bitcoin mining company, has purchased another 1,040 Bitcoin S19 Antminers for $1.9 million, it announced on Thursday.

This came only a week after the company’s announcement of procuring 1,000 S19 Pro Bitcoin mining machines, taking the total number of fresh procurements to 2,400.

Each unit of S19 Pro is capable of generating 110 TH per second, while S19 can produce 95 TH per second.

The Colorado-based company is planning to deploy the newly acquired miners sometime in the third quarter of this year.

Currently, the company runs 4,000 S17 Antminers with an aggregate hashing power capacity of 248 Petahash per second. The company manages multiple facilities in Oklahoma City and New York.

According to Riot, the deployment of the new machines will increase its hash power by over 80 percent to approximately 457 petahash per second and utilize approximately 16.5 megawatts of energy.

Halving is forcing miners to increase their hash power

Notably, the Bitcoin network will undergo halving in the next few days, which will reduce the mining rewards by 50 percent - from 12.5 Bitcoins to 6.25 Bitcoins.

With a historical trend of a bull run in Bitcoin prices with halving, many are jumping into Bitcoin mining, resulting in a record spike in the mining difficulty.

Meanwhile, the company also reported that it mined 108 Bitcoins in the month of April.

Other commercialized Bitcoin miners are also reporting record figures recently. Hut 8, a Canadian Bitcoin mining company, generated $58 million in revenue in 2019 - a jump of 66 percent from its previous year’s figures - while Argo Blockchain’s numbers jumped 1,000 percent for the year.

Finance Magnates recently reported that VBit, a US-based Bitcoin mining company, raised $1.1 million for expanding its operations in Canada.

About the Author: Arnab Shome
Arnab Shome
  • 6338 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6338 Articles
  • 80 Followers

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