Cryptocurrencies

RIOT Blockchain draws 1000 Bitcoin miners (BTC) on Steroids – Cryptocurrencies

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A month ago, the bitcoin mining firm RIOT Blockchain placed an order for 1,000 Antminers S19 Pro with Bitmain. The investment, which was then valued at $ 2.4 million, aimed to increase the firm’s hash rate by 45%. It is now preparing to deploy all this material in order to explode its power on the network and to strengthen its position in the community of Bitcoin miners (BTC)..

Reach 0.46% of the total network hash power

After receiving this order, the 1000 Antminers S19 Pro should be operational in the next two days. So they will come add 4,000 S17 Pro Antminers which are currently operated by RIOT Blockchain in its premises. This batch represents only the first wave of the three order slices of Bitmain’s latest generation miners which were carried out by the mining company. The company has recently carried out another investment for a total of 2,000 S19 Pro and 1,040 S19.

Riot Blockchain is his thousands of Antminer S19
Riot Blockchain Logo

Once the 1000 Antminers S19 Pro is put into service, this will bring the operational hash rate of the mining pool to 357 petahashes per second. The current hash rate on the bitcoin network of around 123,000 petahashes, a total of 0.29% of this total will therefore be held by RIOT.

The company does not intend to stop in such a good way since it aims in the long term for an increase of 129% compared to its current capacity. In fact, as soon as all the new miners ordered have been deployed, RIOT will reach a chopping power equal to 566 petahashes. That would then represent 0.46% of the total hash rate of the Bitcoin network.

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Partnership with the mining company Coinmint

Unlike individual miners, mining pools need large spaces to install their arsenal. If the variable of cheaper electricity is not overlooked, the location of so many bitcoin mining machines can sometimes be a problem. Faced with this, RIOT found a very simple solution: partner with another mining firm.

Coinmint

The company has indeed signed a co-location contract with Coinmint so that it can host part of its Antminers on its facilities. The facility is a former aluminum smelter located in Massena, New York. The terms of the agreement also provide reduced electricity and air conditioning costs for the premises. So there seems to be nothing that can dampen the momentum that RIOT is taking to find its place in the bitcoin mining sector.

After a few initial wanderings after its listing, RIOT’s share price is doing wonderfully with quarterly earnings up almost 70%. With the imminent deployment of the Antminers S19 Pro, the company should see a further increase in revenue in the coming months. Did all this make you want to give YOUR S19 yours so that it might valiantly mine Bitcoin in your name? This is where you can find out what to do.

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