Riot Blockchain, the Bitcoin mining firm, which is listed on Nasdaq, has bought a further 1,040 Bitcoin S19 Bitmain Antiminers worth $1.9 million.
The new batch of Antiminers comes just days after the firm announced its purchase of 1,000 S19 Pro Bitcoin miners. The recent procurement now means that the firm has so far bought 2,040 new mining machines.
The S19 Pro machines have the capacity of producing 110 TH every second, while S19 has the capability of generating 95 TH every second.
The firm, which is based in Colorado, is set to start using the newly procured mining machines starting from Q3 later this year.
At the moment, the firm has 4,000 S17 Antiminers, which have the hashing power of approximately 248 Petahash every second. The firm operates various facilities across Oklahoma as well as New York.
Riot claims that, after the deployment of the new mining equipment, its hash power would surge by more than 80 percent to about 457 Petahash every second. These new machines will also mean that the firm will use about 16.5 megawatts to operate them.
In just over 60 hours, the Bitcoin network block reward halving will take place. It will halve (50%) the mining rewards from the current 12.5 Bitcoins to 6.25 Bitcoin. This takes place every 210,000 blocks which takes about 4 years to produce.
Historically, each Bitcoin halving has led to a bull run, and Bitcoin prices are expected to surge once again. This means that there are many firms and individuals entering into Bitcoin mining leading to increased mining difficulty. It is on this basis that the firm is enhancing its mining capacity.
— Riot Blockchain (@RiotBlockchain) May 7, 2020
At the same time, Riot reported that during the month of April it mined 108 Bitcoin. Various mining firms have also reported positive figures of late. Canadian mining firm, Hut 8, announced it earned $58 million last year, an increase of 66 percent compared to 2018. Similarly, Argo Blockchain announced its revenues increased by 1,000 percent last year.