Riot Blockchain Set To Boost Total Hash Rate To 7.7 EH/s By 2022

U.S.-listed company Riot Blockchain, a former biotech firm now focusing on bitcoin mining, is set to almost double its miner fleet and boost total hash rate to 7.7 exahash per second (EH/s) by 2022 after executing the latest purchase order for an additional 42,000 S19j Antminers from Bitmain Technologies Ltd. at a total price of approximate $138.5 million.

The deployment of these next-generation Bitmain Antminers will add an estimated 3.7 EH/s to Riot’s existing and planned fleet of miners.

This level of growth represents a 93 percent increase over the Company’s previously estimated committed hash rate capacity of 4.0 EH/s by October 2021 after a purchase order for 15,000 S19 Pro and S19j Pro Antminers was made out in December 2020.

“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,” said Megan Brooks, COO of Riot.

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 additional Antminers will expand Riot’s total fleet to 81,150 next-generation Bitmain Antminers and boost its total hash rate capacity to over 7.7 EH/s by November 2022 from the previously announced 4.0 EH/s.

Ninety-five percent of the fleet will be the latest generation S19 series model. The S19j operates at 90 terahash per second (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).

The global shortage of semiconductor production amid the pandemic combined with the recent increase in demand for Bitcoin mining has hampered the ability for many miners to grow their hash rate. However, Riot has entered into nearly $230 million in purchase contracts for miners since late 2019.

In April 2020, Riot Blockchain relocated its mining operations under a co-location mining services contract executed with Coinmint, LLC, claimed to operate the largest digital currency data center in the world. The co-location at Coinmint’s Massena, New York-based facility is expected to reduce direct mining production costs, maximize hash rate, and provide expansion opportunities.

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