Riot Blockchain Hashrate Increases By 45 Percent

Jyoti  |  Jul 17, 2020

The US-based Riot Blockchain has received 1,000 Bitmain S19 Pro Antminers a few days ago, and now it wants to increase the hashrate by 45 percent.

Recently, a total 2,000 S19 Pro and 1040 S19 miners have been purchase by the firm.

New Antminers To Start Operation 

It is being expected that in the coming two days, the 1,000 S19 Pro units would start their operation at an address owned by Coinmint, a fellow mining company based in New York. Presently, total 4,000 S17 Pro Antminers are being managed by Riot Blockchain.

The new Antminers would help Riot Blockchain in bringing it’s operational hashrate to 357 petahashes per second. The new petahash would be equal to the current hashrate of Bitcoin, which is around 123,000 petahash.

As per the report, after receiving and deploying the new miners, Riot expects to get command over an aggregated hash power of 566 petahash. This means that compared to the current capacity of the company, the new capacity would increase by 129 percent and also it would be 0.46 percent of the total hash rate of the Bitcoin network.

The company is also expecting that by the year 2021, the operational capacity of the company would increase one exahash.

“Co-location mining services contract” With Coinmint

In April Riot inked a deal called “co-location mining services contract” with Coinmint to shift a portion of Antminer S17 to New York. Earlier that portion of Antminer was in Oklahoma.

Riot has mentioned that according to their agreement, they would be given less electricity and air condition expenses.

Riot depended on its equity and debt financing funds to operate mining but then also it experienced a $221 million loss. However, it is to be noted that so far in the year 2020, the share price of Riot has surpassed BTC. Even the stocks of Riots has increased by 70 percent.

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