Riot Blockchain will be making use of its first set of 1,000 Antminers S19 Pro. The company hopes that the machine’s hash rate will be up to 357 petahashes per second.
Riot Blockchain is a BTC mining firm. Having received its first set of S19 Pro Antminers from Bitmain totaling up to 1000, it expects its mining activities to be up by 45%.
This is the first set of mining machines out of three which were ordered from Bitmain. This Bitmain’s mining machines is the latest in their stock with promises to outperform previous versions. Riot Blockchain can now boast of having 2,000 S19 Pro and 1,040 S19 mining machines.
Usage of the newly acquired S19 Pro units should begin the day after tomorrow at a place in Massena New York belonging to another mining firm called Coinmint.
Riot expects to achieve 0.46% of total mining capacity
With the new Antminers, Riot predicted that its hash rate will now be up to 357 petahashes per second. That means it wants to cover 0.29% of the total number of the current total Bitcoin hashrates among miners. The current hashrate is 123,000 petahashes.
But Riot hopes to achieve even more. By the time all it ordered for lands, it hopes to increase mining capacity to 566 petahashes. This would be a 129% increase on what it currently does and 0.46% of the total hashrate on the Bitcoin network presently. By the beginning of 2021, Riot plans to improve its performance to one exahash.
Riot announced that it had an agreement with Coinmint to share its space. It has been using the allocated portion to house its Antminer S17s since April. The new location was a place for smelting aluminium. Riot chose to relocate the Antminer S17s from Oklahoma to New York to spend less on electricity and air conditioning.
Although Riot lost $221 million while trying to fund its business through equity and debt financing, its current share price is even higher than that of BTC. Riot’s quarterly performances this year have been better than last year’s and one of the reasons is that it no longer has lawsuits to attend to which accused it of pumping and dumping.