Riot Blockchain will more than double its fleet of miners in a month and a half

Riot Blockchain saw a dramatic improvement in its Q3 financial results.
Riot Blockchain, which has North America’s largest bitcoin mining site based in Rockdale, Texas, showed a significant improvement in its Q3 financial results.
Amid the ongoing bitcoin bear market, as well as RiotBlockchain’s increased investment in buying new miners, the company was able to cut its net loss tenfold from $366.3 million in April to June to $36.6 million in July-September. This net loss is formal, given that Riot Blockchain’s total liquid reserves reached $369.8 million by the end of Q3, of which 31% was in bitcoin (6,766,000 BTC) and the rest in US dollars.
At the beginning of October, the company had 55,728 thousand bitcoin miners with a combined hash rate of 5.6 Eh/s. In October, the company put another 9,788,000 miners into operation by buying Bitmain’s Antminer S19. The company plans to more than double its fleet of mining equipment over the next month and a half, with Riot Blockchain’s total hash rate increasing even slightly more than doubling to 12.5 Eh/s, including by investing in the most productive bitcoin miners.
The RiotBlockchain data center in Rockdale has a combined capacity of 750 mW, and work is underway to expand its capacity by another 450 mW. Currently Texas-based mining companies such as Core Scientific, Marathon Digital, Compute North and Iris Energy are operating in Texas.
It is worth noting that the market for mining companies has now started to actively carry out asset purchase and sale transactions, which indicates the strengthening of the major participants in bitcoin mining.

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