Riot Blockchain (NASDAQ:RIOT) jumps 4.5% after the bitcoin miner updates on its transition to Coinmint and announces May bitcoin production.
Expects the move to significantly decrease the direct cost of BTC production vs. its Oklahoma City operation.
During May and early June 2020, Riot relocated 4,000 Bitmain S17 Pros to Massena, NY. To date, 75% of the miners have been deployed, and all miners are expected to be fully deployed by June 15, 2020.
Riot expects to exit its Oklahoma facility when its lease expires at the end of this month.
During May, the company produced 71 newly mined BTC with its ~4,000 Bitmain S17 Pros.
Compared with the previous month, Riot’s BTC production was affected by the bitcoin halving event on May 11 and downtime required to transport Riot’s mining fleet to Coinmint’s more efficient mining facility in Massena.
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