Riot Blockchain Buys 8,000 Antminers As More Hashrate Heads Towards The US
Riot Blockchain has bought 8,000 Bitmain Antminers S19 Pro Mining Rigs as it looks to up its hashrate to compete with the world’s biggest mining firms.
The deal, which will see the new-gen S19 Pros delivered from January 2021, will see the Colorado-based mining firm reach its hashrate target of 1.45 exahash per second (EH/s) on 47 megawatts of electricity.
Speaking of the purchase, Jeff McGonegal, chief executive of Riot Blockchain said,
‘Sourcing hardware can be exceptionally challenging during the current pandemic and in this economic climate. Bitmain provided us with exceptional service in a path towards achieving our goal and because of their robust supply chain we are scheduled to exceed it.’
Bitmain sales director, Irene Gao explained how Bitmain were happy to assist a long term partner in their growth.
“We are glad to continue and expand our cooperation with Riot. Riot is a long-term friend of ours,’ said Gao. “And we have witnessed and assisted them in building up a powerful mining operation in North America.’
We believe this new purchase help will Riot expand a leading position in the market and fulfill their business vision, which we are more than happy to be and continue being part of,” she added.
What Is The Antminer S19 Pro Mining Rig?
The Antminer 19 Pro is the latest installation of Bitmain’s ASICs mining rigs.
The S19 series uses the latest generation of SHA256 Application-Specific Integrated Circuits (ASICs) from Bitmain, which makes it the most energy-efficient mining rig on the market.
The Antminer S19 Pro, which was released earlier this year, and comes with a hashrate of 110 terahash per second (TH/s) and a power efficiency of 29.5 joules per terahash (J/TH), and although the $2,400 price tag is expensive, but it will ensure the best return for the company.
The mining rigs are equipped with the most advanced chipset available, and will ensure high-performance and low power consumption of the miners, and will significantly improve Riot Blockchain’s mining operations.
The US Is Quickly Becoming The World’s Bitcoin Mining Hub
The investment by Riot Blockchain is the third such large investment by a US-based Bitcoin mining firm after Marathon Patent Group and Core Scientific both placed huge orders for the latest Bitcoin mining rigs.
Earlier this month Marathon Patent Group ordered 10,500 Antminer S19 Pros in a deal worth around $23 million.
And it’s believed that once the new mining rigs are installed it will give Marathon a total hashrate of 1.55 EG/s making it the biggest Bitcoin mining firm in North America.
And earlier in the summer, Core Scientific announced their Antminer S19 and S19 Pros purchase with what is believed to be the biggest ever order of ASICs mining rigs.
The Washington-based mining firm bought 17,600 of Bitmain’s latest generation ASICs mining rigs in a deal believed to be worth up to $42 million.
The investment from the US-based Bitcoin mining firms is helping the US eat away at China’s dominance of the Bitcoin mining market. It still has a long way to go, but with the unpredictability of China, we could see more mining firms investing heavily in the US.
The Bitcoin Mining Industry Is Only Just getting Going
The purchase of tens of thousands of Antminer S19 Pro mining rigs is evidence enough of the institutional interest in the Bitcoin mining industry.
No doubt China still dominates, but with the speed at which US-based firms are purchasing mining rigs, it’s not unfathomable to believe that the US will mine the majority of Bitcoin by the end of the decade.
Bitcoin mining is going to be a major industry. All these mining firms know it and are positioning themselves accordingly. Let’s just hope the president after November encourages the innovation, because the next few years are going to be critical.
Author: Tommy Limpitlaw
How long does it take to mine one bitcoin?
On average, the time it takes for miners to mine BTC is 10 minutes. But they don’t just mine 1 BTC. Mined Bitcoins are created with every new block and these produce the Bitcoin block reward which at the moment is 6.25 BTC, so you could say it takes less than 2 minutes to mine each Bitcoin.
How can I get free bitcoins?
Nothing is really free, because even when you earn free Bitcoins you’re giving up your time, which is precious. But you can earn free Bitcoins. If you are a gamer, there are games like Bitcoin Bounty Hunt which allows you to shoot your way to Bitcoin riches. Or you can save your Bitcoin in an interest bearing account and earn some BTC interest. Be careful with these, and only go with legitimate companies, though.
Why should I buy Bitcoin?
People who understand Bitcoin buy Bitcoin because it is a peer-to-peer money that nobody can manipulate. It’s all set in the Bitcoin codebase which is secured by hundreds of thousands of computers all around the world. Bitcoins can be sent by anybody and no third party is need to verify the transactions, and nobody can stop Bitcoins being sent. There are many more reasons why people buy Bitcoin, and a deeper dive before doing so is recommended.
How many bitcoins are left?
There can only ever be 21 million bitcoins. At the time of writing, there are 18,422,856 bitcoins in circulation. There are 6.25 bitcoins minted roughly every 10 minutes, so that’s 900 every day. The amount of newly minted bitcoins is cut in half roughly every 4 years, in what is known as the halvening. The halvening will continue to take place until the last fraction of Bitcoin is minted in around the year 2140.