Castle Rock, CO, December 21, 2020 (GLOBE NEWSWIRE) – Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or the “Company”), announces an expected 65% increase in Bitcoin mining hash rate capacity resulting from the purchase and future deployment of 15,000 Antminers S19 Pro and S19j Pro from Bitmain Technologies Limited (“Bitmain”). The roughly $ 35 million purchase includes 3,000 Antminers S19 Pro (110 TH) and 12,000 Antminers S19j Pro (100 TH). The reception and deployment of these additional miners is expected to begin in May 2021 and continue until October 2021.
This new miner order, combined with the company’s previous miner purchases, is expected to dramatically increase Riot’s estimated bitcoin hash rate from the previously announced 2.3 EH / s to 3.8 EH / s. The Company received and deployed new miners consistently through 2020, including this new purchase; the delivery schedule continues in the fourth quarter of 2021.
When fully deploying Riot’s fleet of 37,640 next-generation miners, Riot estimates that its total hash rate operational capacity will be 3.8 EH / s and consume around 120 MW of power. As a result, the Company expects to have an overall mining efficiency of 31.79 ±% 5 joules per terahash (J / TH).
“Continued growth in the number of deployed miners is critical to a miner’s success,” said Jeff McGonegal, CEO of Riot. “It is very important to expand the hash rate of the company’s bitcoin mining and operate profitably, especially during times when the spot price of bitcoin has increased significantly. We are pleased to have secured this latest purchase, especially as the available supply of mining equipment continues to shrink. “
“We are extremely pleased to further expand and deepen our partnership with Riot Blockchain this year. In total, Riot also purchased 15,000 Antminer 19 series. The 19 series enjoys great popularity in the world markets with outstanding hash rates and energy efficiency, which bring tremendous value to our customers all over the world. I have no doubts that with this new purchase, Riot will be able to continue to grow its mining operation and play an increasingly vital role in bitcoin mining in North America. said Irene Gao, Antminer sales manager for NCSA, Bitmain.
All purchases by miners continue to be funded from available working capital. Riot has no long-term debt. The company continues to assess the bitcoin landscape with the help of XMS Capital to assess opportunities and transactions to further increase shareholder value.
Founded in 2013, Bitmain is transforming IT by developing a benchmark technology in the field of cryptocurrency, blockchain and artificial intelligence (AI). Bitmain is the industry leader in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the world’s largest cryptocurrency mining pools – Antpool.com and BTC.com. Bitmain technology supports a wide range of blockchain platforms and startups.
About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT) focuses on mining cryptocurrency from bitcoin. The company is expanding and improving its mining operations by obtaining the most fuel efficient miners currently available. Riot also owns some uncontrolled investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colo., And the company’s main mining facility was recently relocated to upstate New York, as part of a colocation hosting deal with Coinmint. . For more information, visit www.RiotBlockchain.com.
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Since these statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied in these forward-looking statements. Words such as “anticipates”, “believes”, “anticipates”, “expects”, “intends”, “will”, “potential”, “hope” and similar expressions are intended to identify forward-looking statements . These forward-looking statements are based on the company’s current expectations and involve assumptions which may never materialize or prove to be incorrect. Actual results and timing of events could differ materially from those anticipated in these forward-looking statements due to various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from results expressed or implied in statements in this press release relating to the Company can be found in the Company’s periodic filings with the Securities and Exchange. Commission, including the factors described in the sections entitled “Risk Factors,” copies of which can be obtained on the SEC’s website at www.sec.gov. The Company assumes no obligation to update any forward-looking statements contained in this press release.
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