RIOT Stock News: Why Bitcoin Mining Company Riot Blockchain Is Climbing Today

Riot Blockchain (NASDAQ:RIOT) stock is on the rise Thursday after announcing a new milestone for its Bitcoin (BTC) mining operations.

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According to a news release from the company, it will reach a hash rate capacity of 1.06 Exahash per second (EH/s). This is possible through its deployment of 2,002 new S19 Pro Antminers. Surpassing 1 EH/s is a major milestone for Riot Blockchain.

Riot Blockchain notes that the S19 Pro Antminers will be up and running over the next week. The bitcoin mining machines were bought from Bitmain in a deal announced back in August 2020. Their addition will bring the total number of Antminers that the company uses up to 11,542.

The positive news will likely continue for RIOT stock as the company brings in more Antminers. The company points out that it already has a deal to acquired another 26,100 S19 Pro and S19j Antminers from Bitmain.

Riot Blockchain will continue to receive new Antminers from Bitmain every month through October 2021. This will bring its total number of Bitmain Antminers up to 37,642. That will bump its hash rate capacity up to 3.8 EH/s.

Jason Les, CEO of Riot Blockchain, said this about the news.

“Exceeding 1 EH/s in hash rate capacity marks a major milestone for the Company. While we are proud of this accomplishment, we view it as the successful completion of just one of many steps of our ongoing growth plan. Riot continues to receive and deploy next-generation miners from Bitmain and remains on schedule to more than triple our currently deployed capacity by the fourth quarter of 2021.”

RIOT stock was up 22.7% as of Thursday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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