Bitcoin Miner Riot Blockchain Invests $780 Million to Expand Operations 


Bitcoin mining firm Riot Blockchain announced its milestone purchase of $138.5 million in mining equipment this Wednesday. In a statement, the company announced that it will be purchasing 42,000 units of Bitmain’s Antminer S19J for $3,300 per unit. The standard hash rate of the model is 90 TH/s — meaning that Riot would be paying approximately $36 per TH/s of computing power. The global chip shortage and rising demand for crypto mining have led mining equipment to command exorbitant premiums. Research from the Block showed that the newest generation of Bitcoin mining equipment now cost five times more than its pre-order prices only months prior. It’s also important to note that Bitcoin Hash Rates have been on the rise, hitting a new all-time high earlier this week. Despite rising equipment costs, miners have continued to retain profit margins upwards of 85%, according to Ethan Vera, CTO of mining firm Luxor.…

Read the original article here