Riot Blockchain is upgrading: 3,000 new Antminer mining computers and move to New York

Riot Blockchain is a NASDAQ-listed company that specializes in bitcoins mining (BTC). As the company announced in a press release, the inventory of mining equipment is now being properly increased. More than 1,000 new devices have already been delivered, with two more deliveries to follow.

3,000 new mining devices from BitMain

While many cryptocurrencies rely on the so-called proof-of-stake, the world's largest cryptocurrency Bitcoin is based on the proof-of-work process. If this was previously done by private individuals on home computers, today it has developed into a huge business. Companies like Riot Blockchain have recognized this market and are mining new bitcoins in data centers.

In a press release released yesterday, the company announced that it was properly stockpiling its mining equipment. 1,000 S19 Antminer Pro has already been delivered. Two more deliveries, containing another 2,000 mining devices, are still to follow. These are produced by BitmainTech, a Chinese company and one of the largest manufacturers worldwide for mining devices such as the Antminer.

Recently, Riot Blockchain moved its mining operations to New York due to the lower operating costs (especially electricity costs). As soon as the 1,000 new devices are launched, Riot will operate a total of 4,000 S17 Pro and S19 Pro miners. According to the company, this will increase the hashrate by 45% to 357 PH / s. With the installation of the additional thousands of devices, Riot will be able to increase the hashrate by more than 120% compared to the current hashrate. The hash power describes how quickly the various arithmetic operations are carried out when opening up new blocks.

As Riot Chairman Remo Mancini announced in the press release, everything is going according to plan at the company. In addition, they now own 1,000 BTC:

We streamlined our operational capabilities by reorganizing our management team, closing RiotX, and focusing on the production of Bitcoin, of which the company now has over 1.000 pieces. We have fully modernized the company's mining fleet and are well on the way to achieving a hash rate capacity of around 4 PH / s by the fourth quarter of 2020, using highly efficient mining hardware.

Investment in blockchain companies like Riot

If you want to benefit from the blockchain movement, you don't necessarily have to invest in cryptocurrencies. Because blockchain companies like Riot are listed on the stock exchange. This offers investors the opportunity to buy shares in the company and benefit from a possible price increase.

As we reported a few weeks ago, some shares in these blockchain companies are performing fairly well - if not all. We have summarized which ones are developing well and which are developing rather poorly for you in the following article:

More growth than Bitcoin (BTC): The stocks of these mining companies are making huge profits

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