42,000 S19 Antminers Sold to Riot Blockchain by Bitmain 0 763

Putin Approves New Crypto Laws in Russia, Public Office Holders To Give Details of Their Crypto Assets by 30th June, 2021

As per the latest reports, Riot Blockchain, known for mining Bitcoin (BTC) has planned that it will be expanding the capacity of its mining. Therefore, the company has revealed that it will be acquiring a large number of antminers to increase its Bitcoin (BTC) mining fleet.

According to reports, Riot Blockchain is in the process of acquiring 42,000 S19 Antminers. The company has revealed that in order to purchase the Antminers, it has approached Bitmain. Bitmain is known to be one of the most advanced manufacturers of mining equipment and hardware and is based in Hong Kong.

Riot Blockchain has revealed that at minimum, the acquisition of the S19 Antminers will cost $138.5 million. According to Riot Blockchain, once the Antminers are received, deployed, and operational, they will significantly increase the mining capacity of Bitcoin (BTC).

The company has announced that by the end of the year 2022, the company plans on increasing its hashrate for Bitcoin mining by more than 90%. The company is reportedly aiming to increase its hashrate to 7.7 EH/s by the end of 2022.

Following the announcement made by Riot Blockchain, Bitmain has revealed that it will start delivering antminers starting November 2021. According to Bitmain, it will start the delivery from November 2021 and it will be delivering 3,500 Antminers per month. The delivery process will continue until October of 2021 until the last shipment is made.

This is not the first purchase that Riot Blockchain has made from Bitmain. For some time, Bitmain has remained as one of the top Antmining hardware providers for Riot Blockchain.

Prior to the recent purchase, Riot Blockchain had purchased 8,000 S19 Pro Antminers, and they were also made through Bitmain. At that time, the deal between the two companies for the S19 Pro Antminers was finalized for $17.7 million.

At that time, Bitmain had announced that it would deliver 2,000 Antminers to Riot Blockchain per month. With the acquisition of 8,000 Antminers by the end of 2020, Riot Blockchain had managed to increase its expected hashrate of 1 EH/s by 2021.

Irene Gao from Bitmain recently made a statement about the recent deal that has been struck between Bitmain and Riot Blockchain.

Gao stated that they are extremely excited and delighted to have formed yet another long-term partnership with Riot Blockchain. Riot Blockchain has always been a pro when it comes to mining Bitcoin (BTC) on a large scale. The firm has always been determined to increase its capacity of mining Bitcoin (BTC).

In order to achieve this goal, Riot Blockchain has been making continuous purchases from Bitmain. This ensures that Bitmain is able to make its mark in providing world-class mining companies with the mining hardware they need.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Dogecoin Successfully Makes Its First Entry in Indian Crypto Industry 0 10

Dogecoin makes a massive entry into the Indian crypto industry and makes record sales at the majority of Indian crypto trading platforms, including Binance, backed by WazirX.

India is one of the rapidly adopting crypto countries of the world. However, the country is currently undergoing the worst of them all pandemic crisis. The number of corona-infected patients in India reportedly been exceeding 400,000 on daily basis. It is reported that there is an acute shortage of oxygen and necessary medical supplies. The number of death counts is presently the highest compared with other countries of the world.

However, even in the hardest times ever, the Indian crypto industry has wholeheartedly welcomed the famous meme coin, Dogecoin. It was reported that Dogecoin has successfully made its way into the locally operating crypto trading platforms of India. It was reported by several Indian crypto exchanges that they are able to make record sales of Dogecoin. They said that prior to the coming of Dogecoin in the Indian crypto market; they were not expecting such an overwhelming response.

WazirX, which is the largest crypto trading platform in India, informed that they are receiving huge numbers of Dogecoin requests. The demand is so high that it caused a temporary blockage of services at WazirX, told exchange operators. WazirX apprised that the system failed to respond because it was faced with a high number of requests, which it had never seen before. Resultantly, WazirX customers were unable to execute their Dogecoin trading transactions and grew frustrated.

Thereafter the customers took their complaints at Twitter and criticized WazirX. However, WazirX then clarified the present situation and successfully calmed down its customers.

CoinSwitch Kuber that its Dogecoin trading volume has surged by 200% on monthly basis further recorded it. However, the firm noticed that the major surge of 1300% was caused in less than two weeks’ time alone.

It is said that the present Dogecoin surge is because of Elon Musk’s upcoming appearance in a TV show called SNL. Some days ago, Musk revealed that he has been invited to a short gig, which will be broadcasted on SNL – an American TV show. He revealed that in his SNL appearance he would be discussing the meme coin.

It has been confirmed by WazirX that in less than 24 hours’ time, it has managed to trade Dogecoin for 600 Crores in Indian Rupees. While CoinSwitch Cuber reported that, its single-day Dogecoin trading volume successfully hit 100 Crores in Indian Rupees.

It is intriguing that simultaneously almost all Indian crypto exchange platforms have integrated Dogecoin. However, still, there are a few trading platforms that have deliberately refrained from enlisting the meme coin. For instance, ZebPay is one of those Indian crypto platforms that has not inducted Dogecoin. The company was of the view that when the time will come, they will adopt Dogecoin but not now.

PayPal’s Role in Boosting Mainstream Adoption Rate for Cryptocurrencies 0 9

PayPal’s Loud Shout Regarding BTC Reaches The Wall Street; says Novogratz

By 2020, it had been 11 years since the cryptocurrency industry had made it to the online platform. An industry with no physical existence was mainly decentralized, as well as unregulated had been struggling to make its presence known.

It had taken the cryptocurrency industry much hard work and effort before it finally became an attractive asset for individual investors and minor businesses.

However, the cryptocurrency industry was desperately after one particular thing. The cryptocurrency industry wanted to be embraced by the mainstream institutions industry.

The mainstream institutions consist of the real game-changers that have the potential of causing rifts in the global economy. They are literally the entities that control the way the world’s economy operates and they have the power to steer it as well.

In the year 2020, when the cryptocurrency industry gained true recognition among investors, it still struggled to get the attention of mainstream institutions.

That is when a mainstream institution called MicroStrategy, went ahead and started investing in Bitcoin (BTC). Even if MicroStrategy invested in the largest cryptocurrency and not all cryptocurrencies in the crypto-verse, it still made a huge difference.

As Bitcoin (BTC) ended up picked up by MicroStrategy, the mainstream industry paid somewhat attention to Bitcoin (BTC). If mainstream industry took interest in Bitcoin (BTC), then they would definitely explore the entire crypto-verse.

However, still not much was coming towards the cryptocurrency industry from mainstream institutions. That is when PayPal announced in October of 2020, it had integrated major cryptocurrencies on its platform. The online payment services giant announced it had adopted major cryptocurrencies so its users could buy and sell them.

That was the time when mainstream institutions from all over the world paid attention to cryptocurrencies for the first time. Since then, the cryptocurrency industry has only shot up and has gone on to achieve all-time highs.

Even the companies that had their stocks listed on the stock exchanges and were somehow linked with cryptocurrencies reported their stock prices started rising following PayPal’s announcement.

Then mainstream institutions kept coming in one after another showing their interest in cryptocurrencies, and how they wanted to invest in them.

PayPal was the very reason that the cryptocurrency industry for the first time was introduced to 334 million users, through PayPal’s user-base.

After that, companies such as Tesla, Twitter, MassMutual, Rothschild’s Investment Corporation, and many more have invested heavily in cryptocurrencies.

Afterward, PayPal even launched an application called “Venmo” that was dedicated to cryptocurrency trading. Then PayPal announced it had enabled major cryptocurrencies on its platform for the users to be able to pay in cryptocurrencies for acquiring services.

No matter how much any entity may brag about having a huge role to play in boosting mainstream adoption of cryptocurrencies, PayPal’s role in this space can never be denied.

Editor Picks

Ready To Invest in Bitcoin? - Top 4 Bitcoin Trading Brokers‎ Read More
Skip to content