Riot Blockchain, a Nasdaq-listed cryptocurrency mining company, has struck a new deal with Chinese mining giant Bitmain to purchase 15,000 Antminers. According to a December 21 AnnouncementColorado-based company expects the new purchase to contribute to an increase in its total Bitcoin (BTC) hash rate of mining by 65%.
The purchase will cost Riot $ 35 million, consisting of 3,000 S19 Pro Antminers and 12,000 S19j Pro Antminers. The company expects to receive and deploy the new miners from May 2021 to October 2021.
With the latest purchase, Riot is further expanding its Bitmain total mining equipment as the company has received regularly and deploying new miners in 2020. At full deployment of more than 37,000 miners, Riot estimates its total operational hash rate will increase from 2.3 EH / s to 3.8 EH / s, using approximately 120 megawatts of energy.
Riot CEO Jeff McGonegal said continued growth in the number of miners deployed is “paramount to a miner’s success,” adding price has increased significantly. “
As part of its partnership with Riot, Bitmain has consistently supplied its latest Antminers to the United States-based company. The companies are in October 2020 announced a deal for 2,500 Antminer S19 Pro on top of the previous batch of 5,100 Antminers deal and another for 8,000 Antminers in September.
Bitmain, one of the world’s largest crypto hardware providers, has actively tapped into the North American market. In September 2020, Bitmain announced that mining operator is Core Scientific first North American cooperative repair center. Formerly Bitmain along with Foundry, a wholly owned crypto mining subsidiary of Digital Currency Group. As part of the partnership, Foundry would provide funding to Bitmain’s end customers in the marketplace.