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U.S. mining company plans to nearly double its hash rate after halving

 

US-based mining company Riot Blockchain has more than doubled the number of next-generation Bitcoin miners it has purchased, buying 1,040 Antminer S19 from Bitmain on May 6.

The additional miners cost the company US$1.9 million, following Riot’s purchase of 1,000 S19 Pro, revealed on April 30.

Riot predicts an 80% increase in the hash rate after deploying the S19
Anticipating that the units will have been shipped and deployed during the third quarter of this year, Riot expects the next 2,040 S19 to increase its operational hashrate by 80% by 2021.

Before Bitcoin’s halving, Bitmain announces the next S19 antminer

In total, Riot predicts it will have an operating hashrate of 457 petahashes per second while using approximately 16.5 megawatts of electricity after deployment.

A spokesman representing Bitmain in North America said the company „has been working with Riot Blockchain for several years,“ with Riot „using [Bitmain’s] Antminer products to operate its data centers.

S17 failures cast a dark cloud over S19 launch
Riot’s purchase of nearly several million dollars of Bitmain came on the same day that the ASIC manufacturer acknowledged problems with a recently shipped batch of S17, and miners reported failure rates of up to 30% between units.

Crypto giant Bitmain confirms problems with Antminer S17 units
The company told Cointelegraph that it is currently negotiating solutions with customers who have purchased defective units, encouraging affected users to contact it directly.

Riot is partially relocated due to a pandemic

After reporting that the COVID-19 outbreak had impacted commercial activities at its Oklahoma facility,

relocated a portion of its recently purchased S17 miners to a facility operated by the mining company, Coinmint, in New York during April.

Bitcoin miner faces pandemic amid partial relocation in New York
Last week, a New Jersey judge granted seven motions to dismiss that ended a two-year lawsuit against Riot Blockchain claiming the firm misled its shareholders in early 2018.