Nasdaq-listed bitcoin mining firm Riot Blockchain (RIOT) announced its purchase of 15,000 additional mining ASIC machines from Bitmain, pushing the total number of machines ordered by the mining company to over 31,000 in 2020.
Share prices for publicly traded bitcoin mining companies are climbing as the leading cryptocurrency sliced through $20,000 Wednesday.
The firm is looking to improve efficiency in "difficult temperature environments."
Mining companies are soaring as bitcoin hits record highs.
Shares of the mining company surged to $6.60 Friday.
Riot reported a current mining capacity of 556 petahash per second.
The publicly traded bitcoin miner aims to quadruple its current hashrate by mid-2021.
Stock of three major cryptocurrency mining firms are appearing in Fidelity, Vanguard and Charles Schwab mutual funds.
Company executives say Riot Blockchain is on track to become cash flow positive later this year.
Riot reported a current mining capacity of 556 petahash per second.
Riot and Marathon have rallied 97% and 128% over the past year while bitcoin has gained 3 percent.
The company has gained 70% so far in Q3.
A U.S. judge has dismissed a lawsuit alleging the firm changed its name to include "blockchain" in 2017 to boost its share price.
Riot Blockchain's 10-K filing captures the fear COVID-19 is sowing in American companies.
The Nasdaq-listed company is installing thousands of new Antminer devices from Bitmain at its Oklahoma facility.