Riot Blockchain is buying 8,000 additional S19 Pro Antminers from BitmainTech PTE as the publicly traded company looks to compete in a bitcoin mining scene getting more difficult by the day.
- Once fully online in early 2021, the rigs will vault Riot Blockchain's hashrate – the computing power dedicated to mining bitcoin blocks – well above 1 exahash per second, according to a Monday press release.
- Riot Blockchain says it will have 15,040 deployed rigs posting 1.45 exashashes per second and consuming 47 megawatts of energy once it installs the Antminers.
- But that day won't come until next April at the earliest. Bitmain will begin delivering 2,000 S19 Pro Antminers per month starting in January 2021.
- Riot is spending $17.7 million on the rigs. It's a bulk discount that Riot says comes in spite of bitcoin's rocketing valuation.
- "With our current miner deployment schedule, we anticipate that based upon current factors, Riot would achieve positive cash flow in late 2020," Chairman Remo Mancini said in the statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.