Riot Blockchain, the Nasdaq listed Bitcoin mining firm, is set to purchase 8,000 S19 Pro Antminers from Bitmain, bringing its total deployed feet to an approximate 15,040 miners by the end of April 2021. The firm released a press release on August 17, highlighting that successful integration of the prospectus S19’s would boost its hashrate by more than half to 1.45 EH/s.
This development comes as the crypto market continues to maintain a bullish trend with a general mood of excitement, especially in a niche like DeFi where the growth is exponential. It is not surprising that institutional stakeholders in the crypto mining sector are also gearing up for the hot market. Riot’s Blockchain Independent Chairman, Remo Mancini noted that their latest move is in line with the company’s strategic growth as well as crypto market trends,
“We have previously announced our goal to become one of the largest bitcoin miners in North America, and this purchase represents a significant step in achieving that goal. With our current miner deployment schedule, we anticipate that based upon current factors, Riot would achieve positive cash flow in late 2020.”
The new S19 Pro Antminers ordered by Riot Blockchain will cost the firm a total of $17.7 million, with Bitcoin expected to make the delivery in batches of 2,000 every month starting from January 2021.
Notably, Riot got a better deal from Bitmain compared to previous purchases due to its large order. Bitmain’s NCSA Region Antminer Sales Director, Irene Gao, commended Riot Blockchain on this milestone,
“The latest order from Riot Blockchain marks another milestone for their company as they continue to expand their mining operations across North America. The Antminer S19 Pro houses the latest technology offered by Bitmain, achieving remarkable hash rates that serve to further the growth and position of the company.”