Riot Blockchain, a Nasdaq-listed cryptocurrency mining company, has signed another deal with Chinese mining giant Bitmain to buy 15,000 Antminers. According to an announcement dated December 21st The Colorado-based company believes the new purchase will result in a 65% increase in its total hash rate in Bitcoin mining (BTC)..
The purchase cost Riot $ 35 million, including 3,000 S19 Pro Antminers and 12,000 S19j Pro Antminers. The company expects to receive and deploy the new miners from May 2021 to October 2021.
With the latest purchase, Riot continues to expand its entire Bitmain mining team as the company regularly welcomes and hires new miners in 2020. After the full deployment of more than 37,000 miners, Riot’s total operational hash rate will increase from 2.3 EH / s to 3.8 EH / s and consume approximately 120 megawatts of electricity..
Jeff McGonegal, CEO of Riot, said the The continuous growth of the miners employed is “critical to a miner’s success”.adding, “It is very important to increase the hash rate of the company’s bitcoin mining operations and operate profitably, especially during times when the spot price of bitcoin has risen sharply.”
As part of its partnership with Riot, Bitmain has consistently delivered its latest Antminers to the US-based company. In October 2020, the companies announced a deal for 2,500 Antminer S19 Pros, in addition to the previous batch of 5,100 Antminers and another for 8,000 Antminers in September..
Bitmain, one of the world’s largest providers of cryptocurrency hardware, has actively entered the North American market. In September 2020, Bitmain announced that mining operator Core Scientific will be its first cooperative repair center in North America.. Bitmain was previously a partner of Foundry, a wholly owned crypto mining subsidiary of the Digital Currency Group. As part of the partnership, Foundry was established to fund Bitmain’s end customers in the market.