The demand for the company’s stock is increasing, and the valuation is already up 5% since yesterday’s closing price.
This is only the first of three shipments ordered by the company, for a total of 3,040. The rest of the miners are expected to arrive in July and September/October.
With this batch of miners, the company is going to add to it’s already existing supply of 4000 Antminer S17 Pros. The total hash-power is expected to reach to 357 PH/s.
Remo Mancini, Chairman of Riot Blockchain said “We have embarked on a systematic risk mitigation effort to benefit all shareholders. We have overseen the termination of the SEC investigation and have improved the Company’s financial profile by eliminating all long-term debt, adding significant positive working capital, and reducing our operating overhead by relocating to a lower-cost facility.”
By the end of the year, the company is expected to reach an output of 566 PH/s.
In addition to mining, the announcement makes it clear Riot Blockchain is stockpiling its mined Bitcoin and holding it for future sales.