Riot Blockchain Adds Another 1,040 Bitmain S19s to Its Arsenal

Riot Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, a Nasdaq-listed Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining company, has purchased another 1,040 Bitcoin S19 Antminers for $1.9 million, it announced on Thursday.

This came only a week after the company’s announcement of procuring 1,000 S19 Pro Bitcoin mining machines, taking the total number of fresh procurements to 2,400.

Each unit of S19 Pro is capable of generating 110 TH per second, while S19 can produce 95 TH per second.

The Colorado-based company is planning to deploy the newly acquired miners sometime in the third quarter of this year.

Currently, the company runs 4,000 S17 Antminers with an aggregate hashing power capacity of 248 Petahash per second. The company manages multiple facilities in Oklahoma City and New York.

According to Riot, the deployment of the new machines will increase its hash power by over 80 percent to approximately 457 petahash per second and utilize approximately 16.5 megawatts of energy.

Halving is forcing miners to increase their hash power

Notably, the Bitcoin network will undergo halving in the next few days, which will reduce the mining rewards by 50 percent - from 12.5 Bitcoins to 6.25 Bitcoins.

With a historical trend of a bull run in Bitcoin prices with halving, many are jumping into Bitcoin mining, resulting in a record spike in the mining difficulty.

Meanwhile, the company also reported that it mined 108 Bitcoins in the month of April.

Other commercialized Bitcoin miners are also reporting record figures recently. Hut 8, a Canadian Bitcoin mining company, generated $58 million in revenue in 2019 - a jump of 66 percent from its previous year’s figures - while Argo Blockchain’s numbers jumped 1,000 percent for the year.

Finance Magnates recently reported that VBit, a US-based Bitcoin mining company, raised $1.1 million for expanding its operations in Canada.