The order follows a $23M deal with Marathon Patent Group earlier this month.
Cryptocurrency mining hardware giant, Bitmain has announced that Riot Blockchain will be purchasing 8,000 Bitmain Antminer S19 Pros, a deal worth $17.7 million. Riot Blockchain, which is headquartered in Castle Rock, Colorado, is described in the post as “one of the few Nasdaq-listed cryptocurrency mining companies.”
The announcement came in a blog post on Bitmain’s website. The post also explained that Bitmain will deliver 2,000 S19 Pros each month starting in January 2021 and continuing through to April until the order is complete.
The New Antminer Units Will Help Riot Reach Its Hash Rate Goal of '1 EH/s by Early 2021'
“We are glad to continue and expand our cooperation with Riot. Riot is a long-term friend of ours, and we have witnessed and assisted them building up a powerful mining operation in North America,” said Irene Gao, Bitmain’s Antminer Sales Director of NCSA Region.
“[...] We believe this new purchase help will Riot expand a leading position in the market and fulfill their business vision, which we are more than happy to be and continue being part of,” she added.
According to the blog post, the Antminer S19 Pro, which was launched earlier this year, has a hash rate of 110 TH/s and a power efficiency of 29.5±%5 J/TH.
Jeff McGonegal, chief executive of Riot Blockchain, commented that the new Antminer units will help Riot reach its hash rate goal of '1 EH/s by early 2021'.
“Sourcing hardware can be exceptionally challenging during the current pandemic and in this economic climate,” McGonegal said.
However, the new purchase deal has set the company on track to exceed its goals: “Bitmain provided us with exceptional service in a path towards achieving our goal, and because of their robust supply chain we are scheduled to exceed it.”
A Power Struggle Rages on at the Heart of Bitmain
The news of Riot’s purchase agreement closely follows the news that Marathon Patent Group, Inc., another Nasdaq-listed cryptocurrency mining company, entered into a long-term purchase contract with Bitmain for 10,500 Antminer S-19 Pro ASIC Miners. The deal was worth roughly $23 million.
The new purchase agreements are good news for Bitmain, which has had some issues with its leadership over the year.
Two weeks ago, Finance Magnates reported that Bitmain would be delaying its shipments by up to three months as the power tussle between its co-founders, Jihan Wu and Micree Zhan Ketuan, continued to rage on. Hence, Wu and Zhan have been in a highly publicized power struggle for control of the company throughout 2020.
Cryptocurrency mining hardware giant, Bitmain has announced that Riot Blockchain will be purchasing 8,000 Bitmain Antminer S19 Pros, a deal worth $17.7 million. Riot Blockchain, which is headquartered in Castle Rock, Colorado, is described in the post as “one of the few Nasdaq-listed cryptocurrency mining companies.”
The announcement came in a blog post on Bitmain’s website. The post also explained that Bitmain will deliver 2,000 S19 Pros each month starting in January 2021 and continuing through to April until the order is complete.
The New Antminer Units Will Help Riot Reach Its Hash Rate Goal of '1 EH/s by Early 2021'
“We are glad to continue and expand our cooperation with Riot. Riot is a long-term friend of ours, and we have witnessed and assisted them building up a powerful mining operation in North America,” said Irene Gao, Bitmain’s Antminer Sales Director of NCSA Region.
“[...] We believe this new purchase help will Riot expand a leading position in the market and fulfill their business vision, which we are more than happy to be and continue being part of,” she added.
According to the blog post, the Antminer S19 Pro, which was launched earlier this year, has a hash rate of 110 TH/s and a power efficiency of 29.5±%5 J/TH.
Jeff McGonegal, chief executive of Riot Blockchain, commented that the new Antminer units will help Riot reach its hash rate goal of '1 EH/s by early 2021'.
“Sourcing hardware can be exceptionally challenging during the current pandemic and in this economic climate,” McGonegal said.
However, the new purchase deal has set the company on track to exceed its goals: “Bitmain provided us with exceptional service in a path towards achieving our goal, and because of their robust supply chain we are scheduled to exceed it.”
A Power Struggle Rages on at the Heart of Bitmain
The news of Riot’s purchase agreement closely follows the news that Marathon Patent Group, Inc., another Nasdaq-listed cryptocurrency mining company, entered into a long-term purchase contract with Bitmain for 10,500 Antminer S-19 Pro ASIC Miners. The deal was worth roughly $23 million.
The new purchase agreements are good news for Bitmain, which has had some issues with its leadership over the year.
Two weeks ago, Finance Magnates reported that Bitmain would be delaying its shipments by up to three months as the power tussle between its co-founders, Jihan Wu and Micree Zhan Ketuan, continued to rage on. Hence, Wu and Zhan have been in a highly publicized power struggle for control of the company throughout 2020.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
How TradFi and DeFi Convergence Shapes the Future of Finance: Crypto’s Role
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
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Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
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Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
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Executive Interview with Roberto Politano | Finnovate Finance | FMLS:24
Executive Interview with Roberto Politano | Finnovate Finance | FMLS:24
Executive Interview with Roberto Politano from Finnovate Finance at the Finance Magnates London Summit 2024
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Executive Interview with Roberto Politano from Finnovate Finance at the Finance Magnates London Summit 2024
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