Business
Riot Blockchain Continues Optimization of Mining Operations with Transition to Coinmint and Announces May 2020 Production
Company relocates 4,000 Bitmain S17 Pro miners to Massena, New York as part of continued efforts to decrease bitcoin production costs and increase mining
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Company relocates 4,000 Bitmain S17 Pro miners to Massena, New York as part of continued efforts to decrease bitcoin production costs and increase mining output\n\n\nCASTLE ROCK, Colo., June 10, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\"), one of the few Nasdaq-listed cryptocurrency mining companies in the United States, announces continued improvements and optimization of its bitcoin (\"BTC\") production, via the relocation of its 4,000 Bitmain S17 Pro miners from Oklahoma City to Coinmint, LLC's (\"Coinmint\") facility, in Massena, New York. The Company also announces corporate updates and its BTC production update for the month of May 2020. \n\n \n \n \n \n \n \n\n \nBTC Mining Optimization\nAs previously disclosed on April 14, 2020, Riot entered into a colocation agreement with Coinmint. The transition to Coinmint is an important part of Riot's focus to improve its production cost efficiencies and mining output. The Coinmint energy pricing and hosting arrangement is expected to significantly decrease the direct cost of BTC production as compared to Riot's Oklahoma City operation, while also appreciably increasing mining uptime. Additionally, Riot now has a clear path forward to continue expanding its total hashing capacity. \nDuring May and early June 2020, Riot successfully relocated 4,000 Bitmain S17 Pros to Massena, New York. To date, 75% of the miners have been deployed, and all miners are expected to be fully deployed by June 15, 2020. The Oklahoma facility lease expires on June 30, 2020 at which time the Company plans to have exited the Oklahoma facility. \nAshton Soniat, CEO of Coinmint, stated, \"As the largest capacity cryptocurrency mining facility in North America, Coinmint is designed to meet the needs of mining partners of Riot's caliber. We have worked hard to provide the best mining services at the lowest cost to institutional BTC miners. This partnership allows our clients to further expand upon our facilities and leverage Coinmint's low-cost base to enhance overall margins for all parties.\"\nCorporate Updates and May 2020 Production Update\nOn May 11, 2020 the BTC halving (\"halving\") occurred, which is an event that halves the rate at which new BTC are awarded (created). The halving decreased each block reward from 12.5 BTC to 6.25 BTC. The halving affects both ...