Riot Blockchain Buys 1,000 Bitmain Miners for $2.4 Million
Riot Blockchain, a US-based Nasdaq listed cryptocurrency mining company, announced today the purchase of 1,000 next generation Bitmain S19 (110 TH) Pro Antminers for USD $2.4 million from BitmainTech PTE. LTD. (“Bitmain”).
Colorado-based Riot Blockchain launched in 2019 and focuses on building, operating, and supporting blockchain technologies. Its primary operations consist of cryptocurrency mining, targeted development of a cryptocurrency exchange, and the identification and support of innovations within the sector.
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The company has positioned part of its Bitcoin mining operation in upstate New York.
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According to the firm, this purchase is another step in the company’s recent strategic initiatives and was funded from Riot’s available cash on hand.
“Bitmain has been working with Riot Blockchain for several years, the company has been using our Antminer products for operating their data centers, and soon to be utilising the latest technologies we have in our product line-up, the S19 series,” Bitmain’s North American Team said, “We are confident with the continued cooperation and growth they have as they further expand their operations in the mining sector.”
Bitmain Technology Holding Company is a multinational semiconductor company with IC design capabilities. The firm offers products, including chips, servers, and cloud solutions, for blockchain and artificial intelligence (AI) applications.
Bitmain has shipped billions of ASICs, accounting for 75% of the global market. The company develops cloud-based AI chips and has successfully released four generations of its AI chip.