Riot Blockchain Announces Milestone Purchase Order of 42,000 S19j Antminers, Growing Total Hash Rate to 7.7 EH/s Upon 2022 De...
April 07 2021 - 8:45AM
Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain”
or the “Company"), one of the leading Nasdaq-listed Bitcoin
mining companies in the United States, today announced a
large-scale contract for the purchase of 42,000 S19j Antminers for
USD $138.5 million from Bitmain Technologies Limited (“Bitmain”).
This purchase agreement represents a significant step forward in
Riot’s strategic initiative to increase its Bitcoin mining hash
rate, which is now estimated to reach 7.7 exahash per second (EH/s)
once fully deployed. This level of growth represents a 93% increase
over the Company’s previously estimated committed hash rate
capacity of 4.0 EH/s by October 2021.
This purchase agreement significantly bolsters Riot’s projected
growth. Riot is scheduled to receive a minimum of 3,500 S19j
Antminers on a monthly basis starting in November 2021, and will
continue through October 2022. The Company is currently receiving
monthly shipments as scheduled through October 2021, from previous
purchase agreements and this new order continues that growth
trajectory.
“This long-term purchase order marks a major milestone in the
continued expansion of Riot’s mining operations,” said Megan
Brooks, COO of Riot. “Riot’s existing fleet of miners has already
positioned the Company as an American leader in Bitcoin mining. By
nearly doubling its planned hash rate capacity, Riot continues to
take great strides forward in growing both the Company’s and the
United States’ share of the global network hash rate. We are proud
of this accomplishment and remain focused on continuing to evaluate
additional opportunities in the space.”
Once fully deployed, Riot will have a fleet of approximately
81,150 Antminers, 95% of which will be the latest generation S19
series model. The S19j operates at 90 TH/s and consumes 3,100 watts
of energy. With all miners fully deployed, the Company’s total
fleet is expected to consume approximately 257.6 megawatts (MW) of
energy with an overall hash rate efficiency of 33 joules per
terahash (J/TH). This new purchase order continues to
demonstrate Riot’s commitment as a market leader to building one of
the most efficient Bitcoin mining fleets in the industry.
The Company notes the significance of securing a large scale
purchase contract comprised of the latest-generation miners of this
magnitude, especially during a period of scarce supply of Bitcoin
mining hardware. The global shortage of semiconductor production
combined with the recent increase in demand for Bitcoin mining has
hampered the ability for many miners to grow their hash rate. Riot
has enjoyed a positive, long-term relationship with market-leading
mining hardware supplier Bitmain, having entered into nearly $230
million in purchase contracts for miners since late 2019.
“We are excited for our long-term cooperation with Riot as they
continue to solidify their growth and position as one of the global
leading companies in Bitcoin mining. With their new order of
Bitmain’s next-gen Antminers, this will assure the rapid growth and
long-term investment of their mining operations”, said Irene Gao,
Antminer Sales Director of NCSA Region, Bitmain.
About Bitmain
Founded in 2013, Bitmain transforms computing by building
industry-defining technology in cryptocurrency, blockchain, and
artificial intelligence (AI). Bitmain leads the industry in the
production of integrated circuits for cryptocurrency mining, as
well as mining hardware under the Antminer brand. The company also
operates the largest cryptocurrency mining pools worldwide-
Antpool.com and BTC.com. Bitmain technology supports a wide range
of blockchain platforms and startups.
About Riot Blockchain
Riot Blockchain Inc. (NASDAQ: RIOT) focuses on cryptocurrency
mining of Bitcoin. The Company is expanding and upgrading its
mining operations by securing the most energy efficient miners
currently available. Riot also holds certain non-controlling
investments in blockchain technology companies. Riot is
headquartered in Castle Rock, Colorado, and the Company’s mining
operations are located in upstate New York, under a co-location
hosting agreement with Coinmint. For more information, visit
www.RiotBlockchain.com.
Safe Harbor
The information provided in this press release may include
forward-looking statements relating to future events or the future
financial performance of the Company. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as "anticipates," “believes,” "plans,"
"expects," "intends," "will," "potential," "hope" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based upon current
expectations of the Company and involve assumptions that may never
materialize or may prove to be incorrect. Actual results and the
timing of events could differ materially from those anticipated in
such forward-looking statements as a result of various risks and
uncertainties. Detailed information regarding factors that may
cause actual results to differ materially from the results
expressed or implied by statements in this press release relating
to the Company may be found in the Company's periodic filings with
the U.S. Securities and Exchange Commission (the “SEC”), including
the factors described in the sections entitled "Risk Factors,"
copies of which may be obtained from the SEC's website at
www.sec.gov. The Company does not undertake any obligation to
update forward-looking statements contained in this press
release.
PR Contact
Riot Blockchain, Inc.
PR@riotblockchain.com
Investor Contact
Riot Blockchain, Inc.
IR@riotblockchain.com
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