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Riot Blockchain Signs Contract to Purchase 42,000 Mining Machines From Bitmain
Once active, these additional miners will increase the firm’s bitcoin mining hashrate by 93%.
Nasdaq-listed mining company Riot Blockchain (NASDAQ: RIOT) has inked an agreement to purchase 42,000 mining machines from Bitmain Technologies, pushing the total of fully deployed Antminers machines to 81,150.
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- In an announcement Wednesday, Riot Blockchain said it plans to buy the S19j Antminers machines for $138.5 million; once active, these additional miners would increase the firm’s bitcoin mining hashrate by 93%.
- Riot said it is expecting the first batch of 3,500 S19j Antminers to be delivered in November with additional monthly deliveries expected to continue through to October 2022.
- Since 2019, Riot has made nearly $230 million worth of purchase agreements with the mining hardware supplier Bitmain.
- “By nearly doubling its planned hashrate capacity, Riot continues to take great strides forward in growing both the company’s and the United States’ share of the global network hashrate,” said Megan Brooks, COO of Riot.
- As reported by CoinDesk, bitcoin’s hashrate, which is a way to measure the total power consumption and mining output of the network, has topped a new all-time high as mining firms like Riot continue to add more hash power.
- In February, Riot announced a change in management, naming Jason Les as its new CEO. He had been serving as an independent director on the firm’s board since 2017.
Read more: Bitcoin Hashrate Surpasses All-Time High as Even 2014 ASICs Stay Profitable
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
