CASTLE ROCK, Colo., June 3, 2020 /PRNewswire/ — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or the “Firm”), one of many few Nasdaq-listed cryptocurrency mining corporations in the USA, has bought an extra 1,000 next-generation Bitmain S19 Professional (110 TH) Antminers for USD $2.Three million from BitmainTech PTE. LTD. (“Bitmain”). This buy was funded utilizing obtainable working capital and Riot has no long-term debt.
By This fall 2020, with none additional miner purchases, Riot estimates its combination working hash charge to be roughly 567 petahash per second (“PH/s”) consuming 14.2 megawatts of energy, assuming full deployment of the full 7,040 next-generation miners. This might symbolize an estimated 467% over Riot’s common mining hash charge as of late 2019 and an effectivity ranking of 38.6 joules per terahash (“J/TH”) versus 98 J/TH in 2019. These new technology miners are anticipated to function at practically 467% of the late 2019 hash charge, using solely roughly a 50% improve in vitality consumption.
Riot anticipates that the extra S19 Professional (110 TH) & S19 (95 TH) 3,040 miners will likely be deployed as acquired within the second half of 2020 and are estimated to symbolize over 56% of Riot’s whole hashing capability. These miners will likely be deployed at Coinmint’s Massena facility pursuant to the beforehand disclosed internet hosting association that Riot entered as a part of its persevering with efforts to considerably lower prices of manufacturing.
The May 2020 halving, the third within the community’s historical past, means the mining reward has now been diminished from 12.5 bitcoins per block to six.25 block rewards. Bitcoin miners proceed to face stress from the halving occasion which occurred in May 2020, because the occasion straight affected mining revenues. Mine operators that did not improve to extra environment friendly mining rigs and / or safe cheaper energy may succumb to the damaging results of the halving occasion. In 2020, Riot strengthened its confidence in bitcoin by specializing in bitcoin mining and additional investing in a full improve & growth of its mining fleet with the target of accelerating operational effectivity and efficiency within the post-halving mining setting.
By advancing on these targets with essentially the most vitality environment friendly miners obtainable, Riot has established a extra strategically advantageous place relative to much less environment friendly competitors. Coupled with the distinctive means to effectively entry the capital markets as a Nasdaq-listed firm, Riot is positioned to function extra successfully post-halving and create value for its shareholders.
About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT) focuses on cryptocurrency mining with a deal with bitcoin. Riot additionally holds non-controlling investments in blockchain expertise corporations. Riot is headquartered in Fortress Rock, Colorado, and the Firm’s major mining facility is positioned in Oklahoma Metropolis, Oklahoma. For extra info, go to www.RiotBlockchain.com.
The knowledge supplied on this press launch may embrace forward-looking statements referring to future occasions or the long run monetary efficiency of the Firm. As a result of such statements are topic to dangers and uncertainties, precise outcomes may differ materially from these expressed or implied by such forward-looking statements. Phrases similar to “anticipates,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and comparable expressions are supposed to determine forward-looking statements. These forward-looking statements are primarily based upon present expectations of the Firm and contain assumptions that may by no means materialize or may show to be incorrect. Precise outcomes and the timing of occasions might differ materially from these anticipated in such forward-looking statements on account of numerous dangers and uncertainties. Detailed info concerning elements that may trigger precise outcomes to vary materially from the outcomes expressed or implied by statements on this press launch referring to the Firm may be discovered within the Firm’s periodic filings with the Securities and Alternate Fee, together with the elements described within the sections entitled “Threat Elements,” copies of which may be obtained from the SEC’s web site at www.sec.gov. The Firm doesn’t undertake any obligation to replace forward-looking statements contained on this press launch.
SOURCE Riot Blockchain, Inc.