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Riot Blockchain buys 5,100 anteaters and tries to control 1.66% of the Bitcoin Network’s hash rate

August 27, 2020

The Nasdaq-listed mining company Bitcoin (BTC), Riot blockchain, announced the purchase of 5,100 Bitmain S19 Pro Antminers, which is planned to be used in February 2021.

The new miners are being bought for $ 11.2 millionAfter a $ 17.5 million deal for 8,000 S19 Pros signed with Bitmain on August 24th.

Riot expects positive cash flow through 2020 and achieve an operational hash rate of 0.55 EX / s by the end of the year. Currently it equates to more than 0.35 EX / s in hashing performance or almost 0.3% of the global hash rate.

Riot Blockchain buys 5,100 anteaters and tries to control 1.66% of the Bitcoin Network’s hash rateRiot Blockchain buys 5,100 anteaters and tries to control 1.66% of the Bitcoin Network’s hash rate

Riot aims to have more than 20,000 ASICs installed by June 2021, with an operational hash rate of 2 exahashes per second (EX / s).. The company currently operates 4,000 Antminer S17 Pros and 2,000 S19 Pros at a Coinmint-operated facility in Massena, New York.

The 5,100 new miners will boost the company’s hashing performance by approximately 0.55 EX / s. Riot Blockchain has yet to deploy the 1,000 S19s it bought earlier this year.

If the hash rate stayed constant at its current level of around 120 EX / s, once fully implemented, Riot would control 1.66% of the total hash power of the Bitcoin network.. U.S.-based miners currently account for 6% of the combined global bitcoin hash rate.

Remo Mancini, the independent president of Riot Blockchain, said:

“We believe in Bitcoin’s chance to be a disruptive force in traditional financial and monetary systems. Riot is making strides in positioning it as part of that future, and this purchase is a hallmark of that.”

Riot Blockchain’s share price is currently at $ 3.40 after hitting a 15-month high above $ 4 earlier this month.

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