Riot Blockchain Buys 5,100 Bitcoin ASICs From Bitmain to Reach 2 Exohash per Second

CryptoMode Bitmain Riot Blockchain

Bitmain is a well-known name in the cryptocurrency mining industry. Producing powerful ASICs is a good way to stay on top of the market. Riot Blockchain is intent on acquiring more of these mining units over the coming months. 

More Bitmain ASICS for Riot Blockchain

  • Mining Bitcoin requires specialized hardware, often referred to as ASICs.
  • Similar to other electronics, these models continue to evolve, becoming more powerful and energy efficient.
  • Bitmain’s latest model is the S19 Pro, capable of mining Bitcoin at 110 TH/s per unit.
  • Through a new partnership, Riot Blockchain will acquire 5,100 Antminer S19 Pro units.
  • This deal involves over $10 million in value changing hands between now and February 2021.
  • Riot Blockchain is intent on achieving an operational rate of 2 exohash per second on the Bitcoin network.
  • Purchasing these 5,100 units will improve the company’s mining capacity by 0.56 exohash per second. 
  • The combined hashrate for Bticoin has recently peaked above 150 exohash per second. 
  • As a Nasdaq-listed cryptocurrency mining company, Riot Blockchain needs to keep pushing the boundaries.
  • Increasing the mining power will allow the company to – in theory  -produce more Bitcoins around the clock.
  • Bitcoin saw its mining reward decrease by 50% earlier this year, a process known as “the halving”.
  • The mining rewards will keep decreasing every 4 years.
  • Current profitability for every Antminer S19 Pro  – assuming electricity costs $0.01 per kWh – sits at $14.49 per day.
  • To break even on the units, the company will need to mine continuously for roughly 200 days.
  • From that point forward, the units will begin generating a profit. 

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