The Major Deal: What’s in Store for Riot Blockchain?
Riot Blockchain is set to supercharge their mining operations through a significant acquisition from Bitmain, a titan in the cryptocurrency mining hardware industry. On August 24, these two heavyweights confirmed a monumental purchase agreement worth $17.7 million, securing a whopping 8,000 Antminer S19 Pro units.
Monthly Deliveries: A Steady Stream of Power
The agreement outlines a clear path: Riot will receive the Antminer units at a steady pace of 2,000 each month, kicking off in January 2021. This carefully structured schedule ensures that Riot can integrate the new machines into their operations without skipping a beat. With the Antminer S19 Pro on the way, we’re looking at a mining game changer.
The Antminer S19 Pro: Power and Efficiency Redefined
Let’s take a moment to appreciate the tech behind this deal. Bitmain’s Antminer S19 Pro isn’t just another piece of hardware; it boasts a hash rate of 110 terahashes per second (TH/s) and translates to power efficiency hovering around 29.5 joules per terahash (J/TH). To put that in perspective, this efficiency is nearly double that of its predecessors. Talk about a leap forward in the mining ether!
Anticipated Hash Rate Capacity: Riot’s Vision
Once the full batch of S19 Pros is operational, Riot estimates an impressive total hash rate capacity of around 1.45 exahash per second (EH/s). That’s an astronomical figure that showcases their drive to dominate the crypto mining space. And if Irene Gao, Bitmain’s Antminer sales director, is to be believed, this boost is tied to the “outstanding power efficiency” of the S19 Pro.
The Market Landscape: Bitmain’s Valuation Rollercoaster
Despite the excitement surrounding new tech, it’s essential to recognize the context of Bitmain’s current standing in the market. According to research firm Hurun, Bitmain’s valuation has dramatically decreased from $12 billion in the previous year to around $4 billion. The decline is partly attributed to the mediocre post-IPO performance of their competition, notably Canaan. Come on, Bitmain, pull yourself together!
Delays and Challenges: Navigating the Crypto Mining Waters
The world of cryptocurrency is often as unpredictable as a cat under a vacuum cleaner. Just recently, Bitmain reported they would be pushing back their Antminer orders from June and July 2020 by two to three months, citing “external interference on company operation.” Sounds like some classic crypto chaos is lurking behind the curtains.
Conclusion: A New Dawn for Riot Blockchain
As Riot Blockchain gears up for this influx of Antminers, the crypto mining realm is about to witness a significant power shift. With promising new equipment in hand and an optimistic market positioning strategy, Riot could very well be on its way to becoming a force to reckon with. So, stay tuned to this space, crypto enthusiasts—there’s more to come!
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