Riot Blockchain to buy Bitmain miners for $17.7 million

American mining company Riot Blockchain has signed a contract with Bitmain to purchase 8,000 Antminer S19 Pro miners for $17.7 million.

According to the press release, \”the significant size of the order\” secured a lower cost per device than in previous purchases.

The company noted that the deal is financed from working capital. In the first half of the year Riot mined 508 BTC.

In July, the company received and installed 1,000 units of S19 Pro under the previous contract, bringing its mining fleet to 5,000 units. A batch of 1,040 S19 ASICs arrived at Riot this month, with another (1,000 units of S19 Pro) expected in November.

Under the new agreement with Bitmain, deliveries of equipment will begin in January 2021 in monthly batches of 2,000 units.

Riot Blockchain plans that, upon completion in April, the company’s hash rate will reach 1.45 EH/s, produced by roughly 15,040 ASIC miners.

Earlier, another US mining company—Marathon Patent Group—signed a contract with Bitmain for the supply of 10,500 Antminer S-19 Pro units.

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