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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, mentioned the newest buy order positions her firm and the US on the heart of the Bitcoin mining trade:

“By practically doubling its deliberate hash charge capability, Riot continues to take nice strides ahead in rising each the Firm’s and the US’ share of the worldwide community hash charge. We’re pleased with this accomplishment and stay centered on persevering with to guage extra alternatives within the house.”

The acquisition order, valued at $138.5 million, is a part of a coordinated progress plan to considerably improve Riot’s Bitcoin (BTC) mining hash charge. Because 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 working by October 2022.

As Cointelegraph beforehand reported, Riot expects to realize a hash charge capability of three.8 exahash per second by the tip of 2021. As soon as deployed, the brand new order of 42,000 Antminers will greater than double the capability to 7.7 EH/s.

As soon as totally operational, Riot’s mining fleet will include 81,150 Antminers, of which 95% are the newest technology S19 miners.

Shares of Riot Blockchain have 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 at the moment trades simply above $50 a share.