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Riot Buys 2,500 More Bitmain Miners in Latest Fleet Expansion
The publicly traded bitcoin miner aims to quadruple its current hashrate by mid-2021.
Bitcoin mining company Riot Blockchain has bought another 2,500 S19 Pro Antminer rigs from BitmainTech PTE as the publicly traded firm races to quadruple its mining power, denominated by hashrate, by mid-2021.
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- Riot said Tuesday it paid $6.1 million for the rigs; delivery and deployment are slated for December.
- The new purchase, plus the thousands of not-yet-delivered Bitmain rigs Riot expects to begin arriving this month, will drastically increase Riot's hashrate from its current levels – around 500 PH/s – to an estimated 2.3 EH/s by June.
- Riot's latest purchase and lofty hash rate goal are further evidence of the massive infrastructural demands that bitcoin miners face to stay competitive as bitcoin's price and mining difficulty both rise.
Read more: Riot Blockchain Mined 227 Bitcoin in Q2
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
