Riot Blockchain will enrich its arsenal with 3,040 Pro Miners from Bitmain

Riot Blockchain will enrich its arsenal with 3,040 Pro Miners from Bitmain

Riot Blockchain Inc. has already received the first of three orders from BitmainTech PTE. LTD., company informs in the Press release.

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17 Jul 2020 , 10:07 @ Katie Müller

Riot Blockchain will enrich its arsenal with 3,040 Pro Miners from Bitmain

Riot Blockchain Inc. has already received the first of three orders from BitmainTech PTE. LTD., company informs in the Press release.

Riot expects that after the successful implementation of the first 1000 S19 Pro miners, the hashing power capacity will increase by 45% to approximately 357 PH / s, and consume will be 12.8 megawatts of power. The active mining portfolio will than consist of 4000 S17 Pros and 1000 S19 Pros.

When Bitmain finalizes the complete order, Riot’s arsenal will consist totally of a 7,040 miners, namely 4,000 S17 Pro, 2,000 S19 Pro and 1,040 S19 miners. It is estimated that the Hashing power capacity will be approximately 566 PH / s, which represents a 129% increase over current values. Additional miners are expected to be delivered in July at 1040 and the last 1000 in September / October.

Remo Mancini, Chairman of Riot Blockchain said:

The initial phase of the Riot Blockchain transformation is now complete,

We have embarked on a systematic risk mitigation effort to benefit all shareholders. We have overseen the termination of the SEC investigation and have improved the Company’s financial profile by eliminating all long-term debt, adding significant positive working capital, and reducing our operating overhead by relocating to a lower-cost facility.

We have also streamlined our operational capabilities by reorganizing our management team, closing RiotX and focusing on the production of bitcoin, of which the Company now has over 1,000 in inventory. We have completely upgraded the Company’s mining fleet and are on-track to achieving a hash rate capacity of approximately 566 PH/s by Q4 of 2020, utilizing highly power efficient mining hardware. We are now well-positioned to embark on the second phase of Riot Blockchain’s transformation.

The company wants to continue to expand its mining base and one of its main goals is to exceed 1 exahash per second (“EH / s”) in early 2021.

You may also be interested in: Bitcoin Total Hash Rate reached New Record (ATH)

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