Riot Blockchain Targets 2.3 EH/s Hashrate by June 2021; Acquires an Additional 2,500 Bitmain S19 Pro Miners

Riot Blockchain announced on Oct 6 that it would be expanding its S19 Pro Antminer fleet following a recent purchase of 2500 units from Bitmain. The firm also highlighted progress in previous S19 Pro miners' orders [1,000 in April, 1,040 in May, 1,000 in July, and 8,000 in August] and an update on their deployment. Currently, Riot’s deployed hashrate capacity stands at 519 PH/s; they are now looking to quadruple this to 2.3 EH/s by June 2021.

According to the announcement, the newly purchased Bitmain S19 Pro miners were acquired at the cost of $ 6.1 million with delivery and deployment scheduled for December. Notably, this operational expansion comes barely a month since Riot ordered 13,100 S19 Pro miners, delivery for these is slated for the first 6 months of 2021.

With this aggressive scaling, Riot, a Nasdaq listed firm, is looking to take the lead in the Bitcoin mining space. As far as stats go, this will be the first listed Bitcoin mining firm to achieve a hashrate above 2 EH/s. The blog announcement reads,

“As far as the Company is aware, no other publicly traded bitcoin mining company has disclosed a hashing capacity exceeding 2 EH/s.”

Riot anticipates that it will have deployed up to 22,640 miners by the end of June 2021. However, this year’s target is 9,540 miners, which will boost the firm’s hashpower by 14% to 842 PH/s. Going by these developments, the race for Bitcoin mining domination seems to have taken the next level as industry titans play catch up with the latest BTC mining difficulty.

Other than scaling its mining fleet, Riot recently moved its Antminers to the Coinmint data center domiciled in Massena, New York. The facility provides cheaper electricity for Riot’s mining operations, given that its geographical location has abundant wind power and hydroelectricity.

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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