The order follows a $23M deal with Marathon Patent Group earlier this month.
Cryptocurrency mining hardware giant, Bitmain has announced that Riot Blockchain will be purchasing 8,000 Bitmain Antminer S19 Pros, a deal worth $17.7 million. Riot Blockchain, which is headquartered in Castle Rock, Colorado, is described in the post as “one of the few Nasdaq-listed cryptocurrency mining companies.”
The announcement came in a blog post on Bitmain’s website. The post also explained that Bitmain will deliver 2,000 S19 Pros each month starting in January 2021 and continuing through to April until the order is complete.
The New Antminer Units Will Help Riot Reach Its Hash Rate Goal of '1 EH/s by Early 2021'
“We are glad to continue and expand our cooperation with Riot. Riot is a long-term friend of ours, and we have witnessed and assisted them building up a powerful mining operation in North America,” said Irene Gao, Bitmain’s Antminer Sales Director of NCSA Region.
“[...] We believe this new purchase help will Riot expand a leading position in the market and fulfill their business vision, which we are more than happy to be and continue being part of,” she added.
According to the blog post, the Antminer S19 Pro, which was launched earlier this year, has a hash rate of 110 TH/s and a power efficiency of 29.5±%5 J/TH.
Jeff McGonegal, chief executive of Riot Blockchain, commented that the new Antminer units will help Riot reach its hash rate goal of '1 EH/s by early 2021'.
“Sourcing hardware can be exceptionally challenging during the current pandemic and in this economic climate,” McGonegal said.
However, the new purchase deal has set the company on track to exceed its goals: “Bitmain provided us with exceptional service in a path towards achieving our goal, and because of their robust supply chain we are scheduled to exceed it.”
A Power Struggle Rages on at the Heart of Bitmain
The news of Riot’s purchase agreement closely follows the news that Marathon Patent Group, Inc., another Nasdaq-listed cryptocurrency mining company, entered into a long-term purchase contract with Bitmain for 10,500 Antminer S-19 Pro ASIC Miners. The deal was worth roughly $23 million.
The new purchase agreements are good news for Bitmain, which has had some issues with its leadership over the year.
Two weeks ago, Finance Magnates reported that Bitmain would be delaying its shipments by up to three months as the power tussle between its co-founders, Jihan Wu and Micree Zhan Ketuan, continued to rage on. Hence, Wu and Zhan have been in a highly publicized power struggle for control of the company throughout 2020.
Cryptocurrency mining hardware giant, Bitmain has announced that Riot Blockchain will be purchasing 8,000 Bitmain Antminer S19 Pros, a deal worth $17.7 million. Riot Blockchain, which is headquartered in Castle Rock, Colorado, is described in the post as “one of the few Nasdaq-listed cryptocurrency mining companies.”
The announcement came in a blog post on Bitmain’s website. The post also explained that Bitmain will deliver 2,000 S19 Pros each month starting in January 2021 and continuing through to April until the order is complete.
The New Antminer Units Will Help Riot Reach Its Hash Rate Goal of '1 EH/s by Early 2021'
“We are glad to continue and expand our cooperation with Riot. Riot is a long-term friend of ours, and we have witnessed and assisted them building up a powerful mining operation in North America,” said Irene Gao, Bitmain’s Antminer Sales Director of NCSA Region.
“[...] We believe this new purchase help will Riot expand a leading position in the market and fulfill their business vision, which we are more than happy to be and continue being part of,” she added.
According to the blog post, the Antminer S19 Pro, which was launched earlier this year, has a hash rate of 110 TH/s and a power efficiency of 29.5±%5 J/TH.
Jeff McGonegal, chief executive of Riot Blockchain, commented that the new Antminer units will help Riot reach its hash rate goal of '1 EH/s by early 2021'.
“Sourcing hardware can be exceptionally challenging during the current pandemic and in this economic climate,” McGonegal said.
However, the new purchase deal has set the company on track to exceed its goals: “Bitmain provided us with exceptional service in a path towards achieving our goal, and because of their robust supply chain we are scheduled to exceed it.”
A Power Struggle Rages on at the Heart of Bitmain
The news of Riot’s purchase agreement closely follows the news that Marathon Patent Group, Inc., another Nasdaq-listed cryptocurrency mining company, entered into a long-term purchase contract with Bitmain for 10,500 Antminer S-19 Pro ASIC Miners. The deal was worth roughly $23 million.
The new purchase agreements are good news for Bitmain, which has had some issues with its leadership over the year.
Two weeks ago, Finance Magnates reported that Bitmain would be delaying its shipments by up to three months as the power tussle between its co-founders, Jihan Wu and Micree Zhan Ketuan, continued to rage on. Hence, Wu and Zhan have been in a highly publicized power struggle for control of the company throughout 2020.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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