It seems like Bitcoin is in every part of the latest cryptocurrencies news. As its May 12 halving date nears, there are many people who are preparing to take big gains from the cryptocurrency’s halved block size. One miner just bought 1,000 mining rigs from the brand Antminer before the Bitcoin halving and is prepared to wait for this event in peace.
Originally issued in a report by the popular and publicly traded crypto mining company Riot Blockchain Inc., the report shows that one miner just bought 1,000 next-gen mining rigs. we are talking about 1,000 units of the popular machine which in total is worth an estimated $2.4 million.
Riot Blockchain is a firm which exclusively mines Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC). They are featured in our Bitcoin news now – and are now stating that the new investment was paid for with cash on hand and that it estimates that the new machines will increase its aggregate operating hashrate (computing power) by 46% to about 358 petahash per second.
The new mining machines are expected to be delivered by early July. According to Riot Blockchain, they will have to continue working without these more efficient machines for at least two months after the halving in mining rewards takes place.
The one miner bought 1,000 Antminer S9 models for $2 and a half million, which when deployed before the Bitcoin halving in May would result in even more increases. As a reminder, Riot Blockchain operates a major mining farm in a leased facility in Oklahoma City (United States) and says that it produced 944 newly minted BTC (around $8.3 million) in 2019 and increased the Bitcoin inventory by 2016% year-over-year to more than 514 Bitcoins as they reported in December 2019.
The company also recorded revenue from cryptocurrency mining. The reports showed that the earnings in this manner were $6.74 million, down from $7.75 million in 2018. Nonetheless, it was the high operating cost which made the mining unprofitable.
On December 31, 2019, we also saw that Riot Blockchain had $11.3 million in cash and cryptocurrencies which is 11 times more than a year earlier. The company is also listed on the Nasdaq stock exchange under the ticker RIOT, and its stock has seen mixed performance lately.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post