Business
Riot Blockchain Continues Hash Rate Expansion to 2.3 EH/s and Provides Deployment Update
Riot Continues Its Second Phase of Transformation with New Purchase of 2,500 S19 Pro Antminers from Bitmain for December 2020 delivery, Announces Receipt and
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Continues Its Second Phase of Transformation with New Purchase of 2,500 S19 Pro Antminers from Bitmain for December 2020 delivery, Announces Receipt and Deployment of Previously Ordered S19 Pro miners\n\n\nCASTLE ROCK, Colo., Oct. 6, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\", \"Riot Blockchain\" or the \"Company\"), continues its operational expansion with the purchase of an additional 2,500 next generation S19 Pro Antminer (110 TH/s) cryptocurrency miners for USD $6.1 million from BitmainTech PTE. LTD. (\"Bitmain\"), scheduled for receipt and deployment delivery in December 2020. \n\n \n \n \n \n \n \n\n \nAs part of Riot's focus on the transformational expansion of its mining operations, it has opted to take advantage of new S19 Pro production capacity from its partner Bitmain by purchasing these 2,500 additional S19 Pro miners, with delivery scheduled to occur before the end of the year. With this purchase, the Company expects to reach 842 PH/s in operational hash rate with 9,540 miners deployed by late December 2020. This represents an increase of approximately 50% over Riot's previous estimate of its deployed hash rate as of the end of 2020.\nCombined with the previously disclosed purchases of Bitmain S19 Pro Antminers, the Company now expects to achieve a total hash rate capacity of 2.3 EH/s by June 2021, with 22,640 total miners deployed. As far as the Company is aware, no other publicly traded bitcoin mining company has disclosed a hashing capacity exceeding 2 EH/s.\nHash Rate Growth\nIn line with the Company's previously announced purchase of 13,100 S19 Pro Antminers from Bitmain, Riot expects to receive and deploy new miners every month starting this month and continuing through June 2021. When completed and combined with the Company's existing fleet, the Company expects to have 22,640 miners deployed, the vast majority being the next-generation S19 Pro miners. \nSummary of Riot's miner purchases year to date:\nApril 2020 - 1,000 S19 Pro miners (110 TH/s) were purchased from Bitmain and have been deployed.\nMay 2020 - 1,040 S19 miners (95 TH/s) were purchased from Bitmain and have been deployed. \nJune 2020 – 1,000 S19 Pro miners (110 TH/s) were purchased from Bitmain, as of today over half of this order has been received and deployed with the balance expected to be received by late Octob...