Business
Riot Blockchain Enters Co-location Mining Contract with Coinmint
Relationship expected to reduce direct mining production costs, maximize hash rate, and provide expansion opportunities for Riot CASTLE ROCK, Colo., April 14,
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Relationship expected to reduce direct mining production costs, maximize hash rate, and provide expansion opportunities for Riot\n\n\nCASTLE ROCK, Colo., April 14, 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, has executed a co-location mining services contract with Coinmint, LLC (\"Coinmint\"), operator of one of the largest digital currency data centers in North America.\n\n \n \n \n \n \n \n\n \nRiot believes the hosting arrangement can positively impact its power costs, the Oklahoma City facility's heat and environmental operating issues, and provide a path to diversify its mining operations. The Coinmint facility not only offers a cost-effective solution to Riot's mining needs but also allows Riot to potentially expand its total hashing capacity. \nAs part of verifying this strategy, the Company will relocate a portion of its recently purchased Bitmain Antminer S17s to Coinmint's Massena, New York facility for initial operational, security, and reporting controls testing and verification. The Company has assessed the risks of this transition, including exposures and potential issues related to the novel coronavirus (COVID-19), and believes the risks are reasonably mitigated due to the \"plug and play\" infrastructure of Coinmint's facilities.\nCOVID-19 Pandemic Update: Per the March 2020 Production Update press release issued on April 2, 2020, Riot is continuing to monitor COVID-19 and its potential impact on the Company's workforce, operations, finance and liquidity. To date, the impact has remained minimal. \nAbout Coinmint, LLC Coinmint operates a digital currency data center in a former Alcoa Aluminum smelter in Massena, New York. At 435MW of transformer capacity at its Massena complex, the facility's capacity is three times larger than any other known operating digital currency data center. The facility has been operational since May 2018. Given the abundance of hydroelectric and wind generation in the area, the experience of its management team in wholesale electricity markets, and the large capacity, Coinmint has a material electrical economic advantage. For more information, visit www.coinmint.one.\nAbout XMS Capital PartnersXMS Capital Partners, LLC (\"XMS\") assisted the Company in i...