Business
Riot Blockchain Announces Milestone Purchase of 8,000 S19 Pro Antminers from Bitmain with Delivery Starting January 2021, Resulting in 1.45 EH/s in Total Hash Rate
Riot's Hash Rate Expected to More Than Double to 1.45 EH/s by April 2021 with 15,040 Miners Deployed; Exceeding Disclosed Goal of 1 EH/s by early 2021. CASTLE
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot's Hash Rate Expected to More Than Double to 1.45 EH/s by April 2021 with 15,040 Miners Deployed; Exceeding Disclosed Goal of 1 EH/s by early 2021.\n\n\nCASTLE ROCK, Colo., Aug. 17, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\", \"Riot Blockchain\" or the \"Company\"), announces the execution of a purchase agreement for 8,000 next generation Bitmain S19 Pro Antminers (110 TH) for USD $17.7 million from BitmainTech PTE. LTD. (\"Bitmain\") for receipt and deployment starting in January 2021. Due to the substantial size of the order, Riot secured a lower cost per miner as compared to previous purchases, despite the recent increase in the price of bitcoin (\"BTC\"), which historically has increased the purchase price of miners. \n\n \n \n \n \n \n \n\n \nThis purchase agreement has a defined delivery schedule of 2,000 S19 Pros per month starting in January 2021 and continuing through April 2021 until the order is complete.\nThis transaction positions the Company to achieve and exceed its previously reported goal of exceeding 1 exahash per second (EH/s) of total hash rate capacity by early 2021. When fully deployed, Riot expects its total hash rate capacity to be approximately 1.45 EH/s (1,446 PH/s) while utilizing approximately 47 megawatts (MW) of energy.\n\"This substantial order of 8,000 next-generation miners is a milestone for the Company, demonstrating that the second phase of Riot's strategic transformation is well underway,\" said Remo Mancini, Independent Chairman of Riot Blockchain. \"We have previously announced our goal to become one of the largest bitcoin miners in North America and this purchase represents a significant step in achieving that goal. With our current miner deployment schedule, we anticipate that based upon current factors, Riot would achieve positive cash flow in late 2020.\"\nThe Bitmain Antminer S19 Pro is the latest generation BTC Application-Specific Integrated Circuit (\"ASIC\") miner offered by industry-leading hardware manufacturer Bitmain. The S19 Pro boasts a hash rate of 110 TH/s with an energy efficiency of 29.5±% 5 joules per terahash (J/TH). Riot is focused on building its mining operations with the highest performance mining hardware available, making the S19 Pro the clear choice for its expansion. \n\"The latest order from Riot Blockchain marks another milestone f...