Riot Blockchain Purchases 15K Antminers For $35M From Bitmain

Vandana  |  Dec 23, 2020

Riot Blockchain, one of the prominent crypto mining firms based in the U.S. has just purchased 15,000 antminers. According to the announcement, the recently purchased 15,000 antminers includes 3,000 S19 Pro Antminers and 12,000 S19j Pro Antminers. This purchase has been done for $35 million from Bitmain.

It is revealed that these miners are among the highest hash-producing mining hardware as both of them produce 110 and 100 TH. Both the machines are highly capable of massive computational power, this why they come among the highest hash-producing hardware. 

Riot Blockchain Expecting to Increase Hash Rate Capacity by 65%

In the official announcement, Riot Blockchain has stated that they are expecting to increase the hash rate capacity by 65%. All the miners will be deployed by the firm in 2021 only. Once deployed successfully, their hash rate will increase from 2.3 exahashes per second (EH/s) to 3.8 EH/s

Jeff McGonegal, CEO at Riot Blockchain, has said that for miner’s success, it is highly necessary to continue deploying the miners from time to time. He believes that for the mining company, it is very important to expand the Bitcoin mining hash rate of the company. Along with this, they should also operate on a cost-effective basis especially when spot prices tend to increase. He added:

“We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.”

Bitcoin Network Requires More Computational Power

Initially, the Bitcoin network was having very few mining participants because of which there was not any need for more mining power. At that time, there was a need for very little mining power to mine Bitcoin at profit. However, over time, there has been a subsequent increase in the mining participants because of which mining rewards declined to a great extent. Hence, there is a need for more computational power. Riot Blockchain is trying to fulfill that requirement by deploying these miners.

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