Expanding Horizons: Riot’s New Acquisition
Riot Blockchain has announced its commitment to ramp up mining operations by purchasing an additional 1,000 next-generation Bitmain S17-Pro Antminers. This acquisition, revealed on December 12, comes hot on the heels of an earlier purchase of 3,000 units on December 4, bringing the company’s total to 4,000 miners. Talk about going big or going home!
Power Efficiency Takes the Spotlight
So, what’s the buzz about these S17-Pro Antminers? Well, these bad boys represent a staggering 50% boost in power efficiency compared to the older S9 models that Riot currently has on standby. It’s like upgrading from a flip phone to the latest smartphone—everything seems so much more efficient and snazzy!
Hashrate Magic
Riot estimates that the new miners will yield an impressive 440% hashrate compared to the S9s, while only consuming 220% of the power. This kind of math is enough to make any cryptocurrency enthusiast giddy with excitement.
Mining Bonanza: What’s at Stake?
Riot Blockchain mined over 1,820 Bitcoins (BTC) in Q3 2019, recording a gross profit margin of 14%—not bad for a few months’ work! The company expects these fresh miners to supercharge their output as they transition into Q1 2020. With all that potential, who wouldn’t want to join the cryptocurrency gold rush?
More Bang for Your Buck
On the financial front, Riot reportedly shelled out around $1.35 million for the additional 1,000 miners, which breaks down to roughly $1,350 per unit. To put that in perspective, that’s like buying a new car—except you might not want to drive it around town. The retail price for these units swings from Bitmain’s store at about $1401 per miner, so they got themselves a bit of a deal!
Electrical Insights
Once fully operational, Riot’s Oklahoma City facility, boasting a 12-megawatt electricity supply, is expected to hit around 248 petahash per second. Just wait until your friends ask you how much power that is!
The Road Ahead: What’s Next?
In a twist of irony, while Riot has been busy expanding its mining operations, they’ve also mentioned plans to launch a regulated cryptocurrency exchange in the United States. One can’t help but wonder if that endeavor will ever see the light of day. For now, they seem to be all in on mining, so stay tuned!
