Colorado-based crypto mining firm Riot Blockchain has purchased an additional 2,500 next-generation S19 Pro Antminers worth $6.1 million from Bitmain. These bitcoin mining rigs are expected to arrive before 2020 ends.
Riot expects to reach up to 842 pentahashes per second (PH/s) once they receive the said crypto mining units. According to its official announcement, this will be a 50% increase over their previously estimated hash rate at the end of 2020.
This follows Riot’s previous purchases from Bitmain, wherein it bought 13,100 Pro Antminer units to be delivered within the first half of 2021. At that time, the company initially expected to reach a total of 2 exahashes per second (EH/s) by June 2021.
However, once all of the bitcoin mining rigs have been deployed, including the most recent purchase, the company now believes that it will reach up to 2.3 EH/s at the said date.
The company explained,
At full deployment, Riot expects to achieve 2.3 EH/s of total hash rate capacity by utilizing 73 megawatts of energy. This would result in Riot having an overall operational efficiency of approximately 32.33 ±% 5 joules per terahash (J/TH).
Riot added that there are no other publicly traded bitcoin mining companies that have revealed a hashing capacity of more than 2 EH/s. If this is so, then Riot will be the first in the world to announce such a feat.
The company also maintained that all money poured into the purchases are from available working capital and that it has no long-term debt.
In the meantime, most of Bitcoin’s hashing power comes from crypto mining companies based in China. This has been the worry of Ripple Executive Chairman Chris Larsen, who predicts that China would win against the US in the ongoing “tech cold war”.