Riot Blockchain, a Nasdaq-listed crypto mining firm, announced that it has partnered with Bitmain, a leading BTC mining hardware provider, to purchase 42,000 mining machines.
According to the official announcement, the total value of the new purchase stands at around $138.5 million. Riot Blockchain is planning to increase its BTC mining hash rate through the latest deal. The company mentioned that it is expecting the first batch of 3,500 S19j Antminers to be delivered in November this year.
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The BTC mining firm said that the company is planning to accelerate its hash rate growth to 7.7 EH/s.
Commenting on the latest announcement, Megan Brooks, COO of Riot, said: “This long-term purchase order marks a major milestone in the continued expansion of Riot’s mining operations. Our existing fleet of miners has already positioned us as a public-company leader in BTC mining. By nearly doubling our planned hash rate capacity, we are taking a great stride in growing our share of the global hash rate distribution. We are proud of this accomplishment and remain focused on continuing to evaluate additional opportunities in the space.”
Companies around the world have started exploring opportunities within the BTC mining sector. 500.com, a leading Chinese sports lottery service provider, announced in February 2021 that the company has entered into an agreement with Blockchain Alliance Technologies to acquire BTC.com, one of the largest crypto mining pools in the world.
China accounts for more than 50% of the global hash rate as leading BTC mining firms are based in the Asian country. Despite the reason that Bitcoin mining companies are enjoying record revenues since the start of this year, the miners are facing some criticism regarding the consumption of energy in mining activities. During an interview with Laura Shin and Francis Suarez, the Mayor of Miami, said that countries around the world are mining BTC with dirty energy. Suarez added that the use of technology will make Bitcoin mining more efficient in the future.