Riot Blockchain purchases 42,000 Antminers from Bitmain

Riot Blockchain, a cryptocurrency mining firm, has expanded its fleet and mining capability with a brand new buy order for 42,000 S19j Antminers from Bitmain.

Megan Brooks, Riot’s COO, said the most recent buy order positions her firm and the United States on the middle of the Bitcoin mining trade:

“By nearly doubling its planned hash rate capacity, Riot continues to take great strides forward in growing both the Company’s and the United States’ share of the global network hash rate. We are proud of this accomplishment and remain focused on continuing to evaluate additional opportunities in the space.”

The buy order, valued at $138.5 million, is a part of a coordinated progress plan to considerably enhance Riot’s Bitcoin (BTC) mining hash fee. As a end result of the present and former orders, Riot mentioned it’s scheduled to obtain a minimal of three,500 S19j Antminers per thirty days starting in November and operating via October 2022.

As Cointelegraph beforehand reported, Riot expects to achieve a hash rate capacity of three.eight exahash per second by the tip of 2021. Once deployed, the brand new order of 42,000 Antminers will greater than double the capability to 7.7 EH/s.

Once totally operational, Riot’s mining fleet will include 81,150 Antminers, of which 95% are the most recent technology S19 miners.

Shares of Riot Blockchain had been down sharply Wednesday, reflecting the general downtrend within the cryptocurrency market. The inventory is down 7% on the time of publication and has corrected 36% from final month’s all-time excessive. Astonishingly, Riot’s 52-week low is $0.93. It peaked at $79.50 in mid-March and presently trades simply above $50 a share.