Riot Blockchain increases its hash rate by 45% thanks to 1,000 new S19 Antminers
Listed Bitcoin Mining Company (BTC), Riot Blockchain, expects to increase its hash rate by 45% after receiving 1,000 Bitmain S19 Pro Antminers.
These are the first of three lots he ordered from the latest generation of Bitmain miners. The company recently acquired a total of 2,000 S19 Pro and 1,040 S19 miners.
The 1,000 S19 Pro units are expected to go into operation within the next two days at a facility belonging to the Coinmint mining company in Massena, New York. Riot currently operates 4,000 S17 Pro Antminers.
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Riot is targeting 0.46% of total hash
The new Antminers will bring Riot’s operational hash rate to 357 petahashes per second, which is equivalent to 0.29% of the current Bitcoin hash rate of nearly 123,000 petahashes.
Once all of the company’s new miners are received and deployed, Riot expects to control an aggregate hash power of 566 petahashes, an increase of 129% compared to the company’s current capacity and 0.46% of the total hash rate of the Bitcoin network. Riot expects to exceed an exahash in operating capacity early next year.
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Riot signed a „co-location mining services contract“ with Coinmint to relocate a portion of its Antminer S17 from Oklahoma in April to the company’s New York facility, a former aluminum smelter. Riot said the agreement would offer a reduction in electricity and air conditioning costs.
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Despite running a $221 million deficit and relying on equity and debt financing to cover its operations, Riot’s share price has outperformed BTC so far in 2020, and the share performance reflects a 70% increase in quarterly year-over-year earnings and a rejection of allegations that the company was engaged in pump-and-dump actions.