Publicly-listed Bitcoin [BTC] mining firm Riot Blockchain expects to extend its hash rate now by 45% after receiving 1,000 Bitmain S19 Pro Antminers.
The batch of miners comprises the primary of three tranches it ordered of Bitmain’s latest generation of miners, with the firm having recently purchased a set of 2,000 S19 Pro & 1,040 S19 miners.
The 1,000 S19 Pro units are expected to be operational within the next 2 days at a facility owned by fellow mining firm Coinmint situated at Massena ‘NY’. Riot currently operates 4,000 S17 Pro Antminers.
129% Hike Compared To Present Operational Capacity
Riot’s new Antminers will hike Riot’s operational hash rate to 357 petahashes per second – equating to 0.29% of Bitcoin’s present hash rate of nearly 123,000 petahashes.
Once all of the firm’s new miners are received and deployed, Riot anticipates command over an aggregate hash power of 566 petahashes – a 129% hike compared to the firm’s present operational capacity and 0.46% of the Bitcoin network’s total hash rate. Riot hopes to exceed one exahash in operational capacity early next year.
Co-Location Mining Services Contract
Riot entered into a “co-location mining services contract” with Coinmint to relocate some of its Antminer S17s from Oklahoma in April to the firm’s NY facility, a former aluminum smelter. Riot emphasized that the agreement would offer reduced electricity along with air conditioning expenses.
Despite racking up a $221 Mln deficit while counting on equity and debt financing to fund its operations, Riot’s share price has outperformed Bitcoin over 2020 so far – with the stock’s performance reflecting an over 70% hike in year-over-year quarterly revenues and dismissal of pump-and-dump allegations levied against the firm.