Riot Blockchain Moves Part of Bitcoin Mining Operation to Upstate New York

Riot Blockchain, one of many few publicly traded bitcoin mining firms within the U.S., has executed a co-location mining companies contract with a crypto knowledge heart Coinmint. 

Introduced Tuesday, the Colorado-based agency will ship a portion of its S17 bitcoin mining machines from its services in Oklahoma Metropolis to Coinmint’s energy plant in upstate New York.

The transfer got here two months after Riot bought 1,060 Bitmain S17 Professional Antminers for that facility. The addition is a part of Riot’s latest growth in bitcoin mining. 

The agency purchased 4,000 miners from Bitmain with $6.35 million in December and put in 3,000 miners within the following month. The agency expects to spice up its computing capability by 240 p.c with the newest addition. 

“Riot believes the internet hosting association can positively influence its energy prices, the Oklahoma Metropolis facility’s warmth and environmental working points, and supply a path to diversify its mining operations,” Riot mentioned in a press release.  

In keeping with the contract, Coinmint’s Massena, New York facility shall be liable for preliminary operational, safety and reporting controls testing and verification. As one of many largest crypto knowledge facilities within the U.S., Coinmint claims to have 435 megawatts of transformer capability. It was transformed to a knowledge heart from an aluminum smelter in 2016. 

The plant can generate extra energy partially because of the ample hydroelectric and wind era within the space. Its administration experiences in wholesale electrical energy markets is one other financial benefit for Coinmint to function mining machines, based on Riot. 

Riot has additionally assessed how COVID 19’s influence on its relocation plan and concluded that the novel coronavirus’ dangers are moderately mitigated because of the “plug and play ” infrastructure of Coinmint’s services. “Up to now, the influence has remained minimal,” Riot mentioned. 

Riot’s rearrangement with its mining services may be a part of its shift from crypto buying and selling to bitcoin mining companies. The agency has been looking out for potential patrons for its crypto buying and selling platform RiotX since February. 

Chicago-based monetary companies agency XMS Capital Companions, which advises on potential strategic offers for Riot, recognized this chance as a part of its engagement with the agency.