Riot Blockchain to Boost Hash Rate by 45% With 1000 Bitmain S19 Pro Antminers Going Live

2020-7-18 22:16

Riot Blockchain, a publically listed bitcoin mining farm, has boosted its overall all hash rate output by adding 1000 new S19 Pro Antminers. The addition of new mining machines is expected to increase the firm’s hash rate by 45% and take it to 357 petahashes per second. The added Antmiers are expected to be operational within two days.

The 1000 S19 Pro Antminers is the first of the three shipments of the latest Bitmain bitcoin mining rigs that Riot blockchain has ordered. Until now, the firm has ordered a total of 2,000 S19 Pro and 1,040 S19 miners. The firm also operates around 4,000 S17 Pro Antminers.

The addition of these new mining machines has not only enhanced the firm’s overall hash power by 45% but with the latest addition, Riot Blockchain’s maximum capacity of 357 pentahashes is 0.29% of Bitcoin’s current hash rate of nearly 123,000 petahashes. The firm aims to contribute 0.46% of overall bitcoin hash power once all the ordered mining machines are deployed.

Riot Blockchain would be able to produce 566 petahashes per second after all the ordered machines are put in place, which would be 129% of the current capacity of the firm.

Riot Partners With Coinmint To Reduce Electricity and Air Conditioning Expenses

Riot Blockchain has partnered with Coinmint, and both firms entered into a “co-location mining services contract.” The partnership would allow Riot to relocate a portion of its S17 Pro Antminers from Oklahoma to the firm’s New York facility. This agreement is believed to help Riot save some costs on Electricity and Air Conditioning.

Riot has raised a massive $221 million via equity and debt financing, and its share price rise has outperformed BTC itself with a 70% year over year quarterly growth. The high performance of its assets has also attracted several controversies, where it has been accused of pump and dump as well.

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