Riot Blockchain Boosts Its Hash Rate By 45% With 1,000 New Antminers
Riot Blockchain is deploying its first tranche of 1,000 Antminers S19 Pros and expects its hash rate to tag 357 petahashes per second.
Publicly-listed Bitcoin (BTC) mining firm Riot Blockchain expects to increase its hash rate by 45% after receiving 1,000 Bitmain S19 Pro Antminers.
The batch of miners comprises the first of three tranches it ordered of Bitmainâ€™s latest generation of miners, with the firm having recently purchased a total 2,000 S19 Pro and 1,040 S19 miners.
The 1,000 S19 Pro units are expected to be operational in the next two days at a facility owned by fellow mining firm Coinmint in Massena New York. Riot currently operates 4,000 S17 Pro Antminers.
Riot targets 0.46% of total hash power
Riotâ€™s new Antminers will bring Riotâ€™s operational hash rate to 357 petahashes per second â€” equating to 0.29% of Bitcoinâ€™s current hash rate of nearly 123,000 petahashes.
Once all of the firmâ€™s new miners are received and deployed, Riot anticipates command over an aggregate hash power of 566 petahashes â€” a 129% increase compared to the companyâ€™s current capacity and 0.46% of the Bitcoin networkâ€™s total hash rate. Riot hopes to exceed one exahash in operational capacity early next year.
Riot entered into a â€œco-location mining services contractâ€� with Coinmint to relocate a portion of its Antminer S17s from Oklahoma in April to the firmâ€™s New York facility, a former aluminum smelter. Riot emphasized that the agreement would offer reduced electricity and air conditioning expenses.
Despite racking up a $221 million deficit while relying on equity and debt financing to fund its operations, Riotâ€™s share price has outperformed BTC over 2020 so far â€” with the stockâ€™s performance reflecting a 70% increase in year-over-year quarterly revenues and dismissal of pump-and-dump allegations levied against the firm.
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