Riot Blockchain Forges Ahead With Expansion Plans, Opens Texas Facility For Production
Bitcoin mining firm Riot Blockchain has advanced plans to meet its production target this year by opening its Whinstone facility at Rockdale, Texas, for operation.
Riot aims to push the new facility’s hash rate capacity to 7.7 exahashes per second (EH/s) by the fourth quarter of next year.
Riot Blockchain Ramps Up Production
According to its Production and Operations updates for July, Riot reported an increase of 771% on the Bitcoin mined in July 2020. It produced 444 Bitcoin this July, a significant increase of 771% from the 51 Bitcoin mined in the same month last year.
The Nasdaq-listed company expects to produce even more in the future as it is currently installing the new S19 Antminers received from Chinese mining company Bitmain Technologies Limited.
Riot had announced the milestone purchase of $138.5 million worth of mining equipment in April this year. The S19 Antminers was purchased from Bitmain as a strategic move to increase Riot’s Bitcoin mining hash rate.
The machines which were shipped in July will be deployed at Riot’s Whinstone facility over the coming weeks. By the time they are fully deployed in September, the company expects to have a total of 25,946 Antminers in the facility. This is expected to increase its estimated hash rate to 2.6 EH/s.
Riot anticipates having a fleet of more than 80,000 Antminers altogether with the full deployment of the recently purchased machines. 95% of the machines will be the latest generation S19 model, which will consume 257 MW of energy. Riot also predicts that its overall hash rate efficiency would be 33 joules per terahash (J/TH).
Riot’s Expansion Plans In North America
In May this year, riot acquired the Whinstone site, North America’s largest Bitcoin mining and hosting facility, as part of its expansion plans. The Whinstone facility is located on a 100-acre site, hosting Bitcoin mining customers in three buildings totaling 190,000 square feet. Riot's acquisition of this facility allows it to secure a working location and energy for the newly acquired miners.
Since the acquisition, Riot has been working on building additional facilities at the site. The company is currently constructing four additional buildings with 400 MW of capacity at the Whinstone site.