Bitcoin mining company Riot Blockchain has announced that it has purchased a large amount of devices from Bitmain before halving.
The cryptocurrency mining company Riot Blockchain, announced on Nasdaq, announced on April 30 that the cryptocurrency mining device manufacturer Bitmain has purchased 1000 of the latest generation of S19 Pro devices. It was recorded that the purchase was completed for $ 2.4 million. This means that $ 2400 was paid for each product. The company said the purchase was financed by Riot’s existing cash.
The new devices will help increase the company’s efficiency in mining and reduce power consumption. Bitmain’s S19 Pro model is among the most efficient Bitcoin mining devices ever produced. Riot says that the S19 Pro has significantly more energy savings than previous Bitmain models and other devices.
The S19 Pro has a processing power of 110 TH / s. Riot Blockchain estimates that the company’s total computing power will increase by 46 percent to about 358 petahash (PH / s) per second after S19 is received and fully deployed. The company expects to receive the devices in early July.
Riot Blockchain, which operates in the USA, is located in the state of Colorado. However, it has positioned part of the Bitcoin mining operation in New York state.
Riot makes a strategic move with this order he placed before the upcoming block prize split. As is known, the reward of 12.5 BTC per miner after the split will drop to 6.25 BTC and this will affect the profitability of mining companies. Large mining companies such as Riot are also aiming for this effect to be minimal with more efficient devices.