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Riot Blockchain Announces April 2020 Production Update
Riot Blockchain Testing Mining Performance at Coinmint's Facility CASTLE ROCK, Colo., May 5, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot"
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Blockchain Testing Mining Performance at Coinmint's Facility\n\n\nCASTLE ROCK, Colo., May 5, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\"), one of the few Nasdaq listed public cryptocurrency mining companies in the United States, announces its production update for the month of April 2020. \n\n \n \n \n \n \n \n\n \nDuring April 2020, the Company produced 108 newly mined bitcoins (\"BTC\") with its new Bitmain S17s being fully deployed for the entire month of April 2020. Riot's BTC inventory increased by 13% since March 31, 2020 to 929 BTC as of April 30, 2020. The Company is currently operating approximately 4,000 S17s with an aggregate hashing power capacity of 248 Petahash per second (\"PH/s\") between the Riot Oklahoma City, Oklahoma and the Coinmint Massena, New York locations. As announced April 30, 2020, Riot purchased an additional 1,000 Bitmain Antminer S19 Pros and expects delivery by early July 2020. Once received and deployed, Riot estimates its aggregate operating hash rate will increase by 46% to approximately 358 PH/s. Riot successfully transported an initial batch of 300 miners from its facility in Oklahoma City, Oklahoma to Coinmint's facility in Massena, New York. This initial batch of miners was fully operational by April 19, 2020. The Coinmint facility is expected to result in improved efficiency and potentially expanded hashing capacity. Riot is using this initial batch of 300 miners to validate its expectations. \nAshton Soniat, CEO of Coinmint stated, \"Coinmint has expanded our co-hosting services to meet the needs of first-in-class cryptocurrency mining companies and we are excited to partner with Riot Blockchain. With the upcoming halving, Coinmint's low-cost electricity and 120MW of capacity will allow Riot to continue to grow operations even as bitcoin rewards are reduced.\"\nBitcoin Halving Update: On May 12, 2020 the bitcoin halving is expected to occur, which is an event that halves the rate at which new BTC are awarded (created). The event occurs once every 210,000 blocks (approximately every four years). Currently, a block reward equals 12.5 BTC, and that will decrease to 6.25 BTC upon the halving. The upcoming bitcoin halving affects both the production and future supply of BTC. Historically, the value of bitcoin post-halving, over time has increase...