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.