Implementing its plan to expand bitcoin mining capabilities, Riot Blockchain bought 42.000 Antminers S19 from Bitmain, a Hong Kong-based company that manufactures cryptocurrency mining equipment.
The market reached $138.5 million and is part of the company’s strategy to expand mining capacity to 7.7 EH/s by mid-2021. We are talking about a 90% increase, at a time when total mining power has broken every record.
Under the agreement, Bitmain will deliver 2.000 S19 units each month, starting deliveries next November to end in October 2022.
Last August, Riot Blockchain bought another 8.000 S19s from Bitmain for $17.7 million. The then agreement, which also provided for the delivery of 2.000 units per month, exceeded the company’s previous targets set at the 1 EH/s facility by 2021.
The head of Sales for the American Continent of Bitmain Irene Gao, wrote:
“We are excited about our long-term partnership with Riot, as it continues to consolidate its growth as one of the world’s leading bitcoin mining companies. With the new order of Bitmain’s new generation Antminer, it ensures rapid growth and long-term return on investment in its mining potential. ”
When completed, Riot will have 81.150 Antminers, which will deliver 33 J/TH of installed mining power, with 95% of the equipment being next-generation Antminers S19.
Megan Brooks, COO of Riot Blockchain stated: “By doubling its projected computing power, Riot continues to see a large increase in both the company and the United States’ share of the global fragmentation network”.