Riot Blockchain to buy 15,000 ASIC miners from Bitmain for $35 million

American mining company Riot Blockchain has entered into an agreement with Bitmain to purchase 15,000 ASIC miners of the Antminer S19 Pro and S19j Pro models for a total of about $35 million.

Riot Blockchain Purchases Additional 15,000 Antminers from Bitmain – Expanding 2021 Total Hash Rate Capacity Over 3.8 EH/s #Bitcoin #bitmain @BITMAINtech https://t.co/spVc3yGGKn

— Riot Blockchain (@RiotBlockchain) December 21, 2020

The devices will be delivered by the manufacturer from May to October 2021. The batch includes 3,000 units of the S19 Pro and 12,000 S19j Pro.

Riot estimates that after the deployment of the new equipment the company’s fleet of latest-generation miners will total 37,640 units, with combined hash rate reaching 3.8 EH/s and power consumption of about 120 MW

“An increase in the company’s Bitcoin mining hash rate and profitability are very important, especially at a time when the spot price of cryptocurrencies has risen noticeably. We are pleased to have secured this latest purchase, particularly given that potential deliveries of mining equipment continue to become increasingly scarce,” said Riot CEO Jeff McGonigal.

The company emphasised that the purchase is financed from working capital, as with previous acquisitions.

Earlier in August Riot signed a deal with Bitmain to purchase 8,000 Antminer S19 Pro for $17.7 million, and subsequently bought 5,100 devices for $11.2 million. In October the company paid another 2,500 units of S19 Pro.

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