Riot Blockchain, Inc., one of the few Nasdaq listed public cryptocurrency mining companies in the United States, announces the purchase of 1,000 next-generation Bitmain S19 (110 TH) Pro Antminers for USD $2.4 million from BitmainTech PTE. LTD. This purchase is another step in the Company’s recent strategic initiatives and was funded from Riot’s available cash on hand.
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The latest generation of bitcoin (“BTC”) Application-Specific Integrated Circuit (“ASIC”) miners from Bitmain are markedly more energy efficient than prior Bitmain models and other ASIC miners currently available. The Bitmain Antminer S19 Pro boasts a hash rate of 110 TH/s and an energy efficiency of 29.5±% 5 joules per terahash (J/TH). Once the new S19s are received and fully deployed, Riot estimates its aggregate operating hash rate will increase by 46% to approximately 358 petahash per second (“PH/s”). Riot anticipates receiving the S19s by early July.
“Bitmain has been working with Riot Blockchain for several years, the company has been using our Antminer products for operating their data centers, and soon to be utilizing the latest technologies we have in our product line-up, the S19 series.” Bitmain’s North American Team further stated, “We are confident with the continued cooperation and growth they have as they further expand their operations in the mining sector.”
COVID-19 Pandemic Update: Per the press release issued on April 14, 2020, Riot is continuing to monitor COVID-19 and its potential impact on the Company’s workforce, operations, finance and liquidity. To date, the impact has remained minimal.