Riot Blockchain to Increase its Hashrate Capacity by 65% with Additional 15,000 Mining Machines

Riot Blockchain to Increase its Hashrate Capacity by 65% with Additional 15,000 Mining Machines

Nasdaq-listed Bitcoin mining firm’s new purchase is a pre-order as Bitmain supplies are sold out until Q3 of 2021.

Bitcoin mining firm Riot Blockchain (RIOT) has purchased another 15,000 ASIC machines from Bitmain. This latest purchase puts the Nasdaq-listed company’s total number of ordered machines to over 31,000 this year.

The latest round of S19 Pro and S19j Pro Antminers mining machines is expected to expand the Castle Rock-based miner’s hashrate capacity to 3.8 exhashes per second (EH/S) in 2021. This will be a 65% increase from Riot’s current 2.3 EH/S capacity.

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The new purchase is a pre-order as Bitmain supplies are sold out until Q3 of 2021. Riot, however, expects the delivery and deployment of the latest batch of machines to start in May next year and continue through October. Jeff McGonegal, CEO of Riot said,

“Continued growth in deployed miners is paramount to a miner’s success.”

“Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased. We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.”

The shares of RIOT meanwhile rallied about 53% in the last two days and is currently trading around $14.64. Compared to Bitcoin’s 20% uptrend in December, Riot shares jumped more than 70% during the same period.

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Author: AnTy

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