Nasdaq-listed cryptocurrency mining company Riot Blockchain showed remarkable monthly growth in the average daily run rate of Bitcoins (BTC) in February.
The US-based company has seen a 147% increase in the average daily run speed of BTC mines, compared to the average daily production run rate for December 2019, Riot revealed on March 5. Riot attributed the boost to his upgrade of mining equipment. At the start of the month it had 2,940 Bitmain S17s and 1,751 S9s, while at the end of the month it had 4,000 S17s.
Riot Blockchain began deploying around 3,000 new units of S17 Pro Antminers in January as part of the full upgrade of its mining facility in Oklahoma City. The company bought the mining machines from the Chinese mining giant Bitmain.
At the time, Riot expected the upgrade to bring its total operational hashrate at the Oklahoma City mining facility to around 248 petahashes per second, which means a 240% higher hardware energy efficiency compared to Riot’s mining hashrate.
It is worth noting that the Riot shares have fallen by more than 5% following the announcement that the company was planning to sell its cryptocurrency exchange, launched in the second quarter of 2019, to focus on BTC mining prior to the halving in May of this year.
The major mining hardware manufacturer Bitmain has announced two new upcoming miners: the Antminer S19 and the Antminer S19 Pro. Both miners have a power efficiency of 34.5 + / -% 5 joules per terahash.
Meanwhile, Alex de Vries, founder of the Digiconomist, claimed that 98% of mining platforms will never verify a transaction, resulting in huge and unproductive electricity spending. De Vries explained:
“It is shocking that the average lifespan of a bitcoin mining machine is one and a half years, because we have a new generation of machines that can perform these calculations better. So the rest just runs for a few years meaningless, uses energy and produces heat, and then they are simply thrown away because they…