Riot Blockchain Relocates 4,000 Bitmain S17 Pro Miners to Massena, New York

Colorado-based 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, one of the few Nasdaq-listed cryptocurrency mining companies in the United States, announced today it continued improvements and optimization of its bitcoin ("BTC") production, via the relocation of its 4,000 Bitmain S17 Pro miners from Oklahoma City to Coinmint facility in Massena, New York.

Coinmint operates a digital currency data center in a former Alcoa Aluminum smelter in Massena, New York. Its 435MW transformer capacity at its Massena complex, is three times larger than any other known operating digital currency data center in North America

Riot also announced corporate updates and its BTC production update for the month of May 2020.

As previously disclosed on April 14, 2020, Riot entered into a colocation agreement with Coinmint.

According to the firm’s statement, the transition to Coinmint is an important part of Riot's focus to improve its production cost efficiencies and mining output. The Coinmint energy pricing and hosting arrangement is expected to significantly decrease the direct cost of BTC production as compared to Riot's Oklahoma City operation, while also appreciably increasing mining uptime. Additionally, Riot now has a clear path forward to continue expanding its total hashing capacity.

Successful relocation

During May and early June 2020, Riot successfully relocated 4,000 Bitmain S17 Pros to Massena, New York, the company said.

To date, 75% of the miners have been deployed, and all miners are expected to be fully deployed by June 15, 2020. The Oklahoma facility lease expires on June 30, 2020 at which time the company plans to have exited the Oklahoma facility.

"As the largest capacity cryptocurrency mining facility in North America, Coinmint is designed to meet the needs of mining partners of Riot's caliber. We have worked hard to provide the best mining services at the lowest cost to institutional BTC miners. This partnership allows our clients to further expand upon our facilities and Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term Coinmint's low-cost base to enhance overall margins for all parties," Ashton Soniat, CEO of Coinmint, stated.

May 2020 production update

On May 11, 2020, the BTC halving occurred, an event that halves the rate at which new BTC are awarded. The halving decreased each block reward from 12.5 BTC to 6.25 BTC. The halving affects both the production and future supply of BTC. Historically, the value of BTC post-halving, over time has increased. However, the potential long-term effects of the halving are unknown.

During May 2020, Riot produced 71 newly mined BTC with its approximately 4,000 Bitmain S17 Pros. Compared to the previous month, the company’s BTC production was affected by the halving event on May 11, 2020 as well as downtime required to transport Riot's mining fleet to Coinmint's more efficient mining facility in Massena, New York.