Riot Blockchain (NASDAQ: RIOT) announced on Monday the purchase of a new batch of Bitcoin mining hardware for around $35 million, which will expectedly increase the company’s Bitcoin mining hash rate by 65 percent.
The publically-listed company detailed that it has ordered 3,000 S19 Bitmain Pro Antminers, each of which is capable of generating 110TH, and 12,000 S19j Pro Antminers, which produces 100TH.
“Continued growth in deployed miners is paramount to a miner’s success,” Riot’s CEO, Jeff McGonegal said. “Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased.”
“We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.”
The deployment of the new Antminers will start from May next year and will expectedly finish in October.
Bitcoin Mining Is Competitive
Riot is one of the major Bitcoin miners in North America and is constantly upgrading and expanding its mining facilities to outrun its competitions. In August, the mining farm bought $17.7 million worth of Bitmain’s newest miners.
After the deployment of all the mining devices, Riot is expecting to generate a total Bitcoin mining hash rate of 3.8 EH/s, which is up from its previous estimate of 2.3 EH/s. At its full capacity, the mining farm will deploy a total of 37,640 Bitmain Antminers consuming approximately 120 MW of energy.
Meanwhile, the crypto mining industry is becoming very competitive. Finance Magnates recently reported on the formation of Blockcap Inc, an independent Bitcoin mining farm by the industry veterans.
“We are extremely excited to expand and deepen our partnership with Riot Blockchain again this year,” Irene Gao, NCSA Regional Sales Director at Bitmain, said. “I am confident that with the new purchase, Riot can continue to grow their mining operation and play an increasingly vital role in bitcoin mining across North America.”