The majority of Bitcoin mining firms expected very little impact due tot he coronavirus crisis. Fast forward to today, and Riot Blockchain is effectively cutting costs by moving hardware to a different location.
Riot Blockchain is one of the many companies engaged in Bitcoin mining as a business.
Coronavirus Crisis Forces Riot Blockchain’s Hand
While their services will remain operational, some nits will be moved to a different location.
More specifically, several Bitcoin mining units will be shipped to New York.
Interestingly enough, this is all made possible thanks to a new partnership with Coinmint.
Riot Blockchain will use facilities of Coinmint in New York to store their mining hardware for the foreseeable future.
Not only is this an interesting collaboration, it also helps the former company reduce operational costs.
During the coronavirus crisis, every cost reduction measure is worth exploring.
Especially since no one knows how long the current situation will remain in place.
The Bitcoin mining units to be moved to New York will be pulled from Riot’s recently expanded Oklahoma City facility.
In the US, different states maintain very different electricity tariffs, which is always a factor to keep in mind.
As the coronavirus crisis rages on globally, it is not unlikely to see more Bitcoin mining firms take a similar approach.