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62% of RIOT’s miners (and growing) are semi-permanently idle?

by | Aug 4, 2022 | Crypto, Find the Fraud, Trend Tracker, Uncategorized

Check my math, I’ll update the post if there are any corrections.

The June Operational Update states:

> Building F holds 23,000 miners and is full.
> RIOT currently has 42,455 miners deployed total, including at Coinmint.
> RIOT is shutting down the Coinmint miners to relocate to Whinstone.
> There are 5,700 additional miners from Coinmint already taken out of the deployed figure.
> There are 7,855 new miners from Bitmain waiting to be deployed.

From the May Update, there are another 4,000 S17-Pros not counted.

From last year’s June 2021, at least 23,946 miners were originally deployed at Coinmint. July 1 at least 18,246 left (-5,700). We also know that Whinstone’s 4 new buildings were designed to hold 130,000 miners total.

There are 4 buildings at Whinstone. D and E are air cooled and can each hold 42,000 miners. F and G are immersion cooled and can each hold 23,000 miners. 130,000 miners total. Only Building F is complete, and it’s already full.

The other 3 buildings have very few miners running, if any. We know this because 42,455 miners deployed total is pretty close to the Coinmint’s 18,246 or more + Building F’s 23,000. At most there are 1,209 in the other 3 buildings, possibly as low as zero if the 1,209 were also deployed at Coinmint.

It’s unclear how soon the other 3 buildings will be finished. Initial estimates were 4 months ago, and no new timeline has been shared.

There are 23,000 miners in building F. In addition to that there are 37,010 idle miners between the ones not yet deployed and the ones being pulled out of Coinmint. (42,455 total – 23,000 in F + 5,700 removed from Coinmint + 7,855 new from Bitmain + 4,000 S17’s = 37,010). 37,010 idle / 60,010 total = 62%.

62% of RIOT’s miners are now idle with nowhere to run them.

RIOT expects to have 123,450 miners total by the end of the year. They are thus expecting over 10,000 new miners a month from now until the end of the year.

It feels like RIOT has no intention of installing most of these miners unless BTC prices improve dramatically. They may keeping them in shrink-wrap in the hopes that they preserve some extra value when sold. This would also be consistent with the miner swap where they gave up both miners and deployed capacity to add shrink-wrapped miners.

This also makes sense with their cash crunch. Even if mining is profitable on paper, which I doubt, they produce nothing in cash flow unless the bitcoin is sold.


Chad Everett Harris, Whinstone, Riot Blockchain, Northern Data AG accused of accounting fraud  Read that article here.

Chad Harris defaults on million dollar loan, click here  to learn more.  Be sure to read the court doc.  It’s a hoot,  He tries to play the victim.  The judge ain’t buying it.

Chad Everett Harris owned this business while defaulting on loans and invoices.  Click here to learn more.

Chad Everett Harris is a porn spammer?  We believe he did that while sending email like these to the people he owed money to.