Riot Blockchain, a Nasdaq-listed Bitcoin mining company, has announced on Wednesday the procurement of an additional 1,000 S19 Pro Antminers from Bitmain Technologies, spending $2.3 million.
The company detailed that the purchase will be made with the working capital funds of the company.
S19 Pro machines are capable of producing 110 terahashes per second (TH/s) while S19 Antminers generates 95 TH/s.
Aggressively increasing arsenal of miners
According to the company, with the deployment of all the new 7,040 next-generation Bitcoin mining devices, its aggregate operating hash rate to be approximately 567 petahash per second (PH/s) consuming 14.2 megawatts of power.
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That means the average hash power of the company’s mining will jump 467 percent compared to the same figures in late 2019, but only with a 50 percent increase in power consumption.
The company is anticipating that it will receive the new 3,040 Antminers miners – both S19 Pro and S19 – by the second half of this year which will together generate 56 percent of the total computing power of the company.
The Bitcoin network underwent third halving of its network last month which reduced the mining rewards from 12.5 BTC per block to 6.25 BTC.
This is also forcing the miners to upgrade their facilities with the latest mining devices to increase their computing capacity.
Meanwhile, many major Bitcoin mining companies are reporting impressive numbers from their operation for the last few months.
However, with the rise of commercial mining facilities and also halving, many experts are anticipating that this will be an end to the small-scale Bitcoin miners.