Riot Blockchain Expands Bitcoin Mining Operations

Riot Blockchain Takes a Bold Step Forward

In a move that’s got crypto enthusiasts buzzing, Riot Blockchain has just announced a hefty purchase of 5,100 Bitmain S19 Pro Antminers, set to be delivered in February 2021. For the nifty sum of $11.2 million, this purchase is like adding a cherry on top of a double-scoop Bitcoin sundae.

Riding the Bitcoin Wave

This isn’t Riot’s first rodeo. Just last August, they sealed a deal for 8,000 S19 Pros, investing $17.5 million. Talk about commitment! Riot seems to be strategically piecing together a puzzle that many Bitcoin miners are racing to complete.

Hash Power Galore

The anticipated addition of these miners is projected to boost Riot’s hashing power by approximately 0.55 exahashes per second (EX/s). But wait, there’s more! Riot is already flexing a respectable 0.35 EX/s, which is nearly 0.3% of the entire global Bitcoin hash rate. Every little bit counts when you’re in the cutthroat crypto ring!

Aiming for the Stars

With an ambitious target of deploying over 20,000 Application-Specific Integrated Circuits (ASICs) by June 2021, Riot aims to achieve a total operational hash rate of 2 EX/s. At this rate, if the hash rate maintains its current stability of around 120 EX/s, Riot would command approximately 1.66% of the Bitcoin network’s total hash power upon full deployment. That’s an impressive slice of the Bitcoin pie!

Statements from the Top

Remo Mancini, Riot Blockchain’s independent chairman, weighed in on the significance of these purchases:

“We are believers in Bitcoin’s opportunity to be a disruptive force in the traditional finance and currency systems. Riot is making strides in positioning itself to be a part of that future, and this purchase is a hallmark of those efforts.”

Shake those pom-poms, Remo! Sounds like Riot is gearing up for some serious action.

Market Performance Snapshot

And for those keeping score, Riot Blockchain’s share price recently took a little dip, sitting at $3.40 after reaching a glorious high of above $4 earlier this month. But fret not, every crypto wave has its peaks and troughs, and Riot seems to be riding the bullish tides in the long run.