Riot Blockchain Buys Another 1,000 Antminer S19 Pro for $2.3M

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 mining company, has announced on Wednesday the procurement of an additional 1,000 S19 Pro Antminers from Bitmain Technologies, spending $2.3 million.

The company detailed that the purchase will be made with the working capital funds of the company.

This came only a month after Riot purchased another 1,000 similar Antminers last month for $2.4 million following the order of another 1,040 S19 Antminers.

S19 Pro machines are capable of producing 110 terahashes per second (TH/s) while S19 Antminers generates 95 TH/s.

Aggressively increasing arsenal of miners

According to the company, with the deployment of all the new 7,040 next-generation Bitcoin mining devices, its aggregate operating Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term to be approximately 567 petahash per second (PH/s) consuming 14.2 megawatts of power.

That means the average hash power of the company’s mining will jump 467 percent compared to the same figures in late 2019, but only with a 50 percent increase in power consumption.

The company is anticipating that it will receive the new 3,040 Antminers miners - both S19 Pro and S19 - by the second half of this year which will together generate 56 percent of the total computing power of the company.

The Bitcoin network underwent third halving of its network last month which reduced the mining rewards from 12.5 BTC per block to 6.25 BTC.

This is also forcing the miners to upgrade their facilities with the latest mining devices to increase their computing capacity.

Meanwhile, many major Bitcoin mining companies are reporting impressive numbers from their operation for the last few months.

However, with the rise of commercial mining facilities and also halving, many experts are anticipating that this will be an end to the small-scale Bitcoin miners.