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.