Riot Blockchain Inc., formerly Bioptix, Inc. (Nasdaq: RIOT), announced today that it has entered into a definitive agreement to acquire cryptocurrency mining equipment consisting of 700 AntMiner S9s and 500 AntMiner L3s, manufactured by Chinese mining hardware giant Bitmain.
“The acquisition positions us to launch our cryptocurrency mining operations, at a time that Bitcoin and other digital currencies are gaining increased attention and adoption,” said John O’Rourke, President of Riot Blockchain. “We plan to leverage the mining technology to help realize our vision of becoming a leader in blockchain technologies. Mining bitcoin helps secure the bitcoin blockchain, while providing us direct exposure to accumulating bitcoin in the process.”
Riot also announced today that it has secured a location for the operation of the mining equipment at a competitive electricity cost, with infrastructure in place for expansion. The transaction is anticipated to close on or before November 15, 2017.
They say that the mining equipment will be strategically located to utilize hydroelectric power to help minimize utility costs while maximizing potential efficiency and output. Riot Blockchain intends to utilize the mining equipment and lease existing datacenter infrastructure to provide all services necessary for its operations. The total hashing power of the equipment is expected to be 9.8 Petahash for Bitcoin mining and 250,000 MH for Litecoin mining.