They will be based at a windfarm in West Texas, and many more miners will deploy during 2022.
- River purchased 3,000 miners to expand its hosting services.
- This year, the company plans to deploy thousands more miners.
- A majority of the miner purchases will be powered from a wind farm in West Texas.
River, a fintech company that focuses on bitcoin, has bought 3,000 application-specific circuit (ASIC), miners. They will be mainly wind-powered in West Texas according to a press release.
River CEO Alex Leishman stated that while other companies have shut down their mining operations, River is expanding and growing its Bitcoin mining segment rapidly.
The bear market has really hurt the mining industry. It has led to miner capitulations as well as liquidity concerns for miners. River is not the only one who sees this as a problem. There are many bitcoin mining companies that are flourishing in this market and are using it as a growth opportunity.
Leishman said, "Our clients range in size from individuals with just one miner to families offices and investment funds that build mining fleets."
River offers a high level accessibility to its users by allowing them to buy bitcoin miners from its iOS mobile app. The River app will show you mining payouts that are deposited each day, and also showcase individual miner output.
The company also hosts miners who want to be more involved in mining. River is trying to make mining easier for everyone, even though users have the option of purchasing and owning their own miner.
Leishman says that River is the perfect solution for anyone looking to get exposure to Bitcoin mining, without all of the operational complexities. "Our mining product is an important part of our vision to make Bitcoin accessible to everyone."
River also has "thousands of bitcoin mining machines" that are due for installation during the rest of the year in order to build out its hosting services.
By: Shawn Amick
Title: Bitcoin Miner Hosting Provider River Purchases 3,000 More Miners
Sourced From: bitcoinmagazine.com/business/river-purchases-3000-miners-for-hosted-services
Published Date: Wed, 14 Sep 2022 16:36:28 GMT