River Financial to Let Clients Mine Bitcoin Without Having to Set Up, Run Machines
River Financial, a San Francisco-based financial services and bitcoin technology company, will allow its customers to purchase bitcoin miners and begin mining without the need to install or maintain them.
According to River’s website, the company launched a new service called River Mining. Customers can purchase Bitmain’s high-end Antminer Pro miners as well as manage their mining process through a mobile app. Each miner has a mining power of about 100 terahash each.
The company stated that River Mining will allow clients to own their mining hardware, and the Bitcoin generated will be deposited directly to their River accounts. Pre-sales are currently open and there is a waiting list. Customers can purchase one miner to get going.
Clients will pay the electricity and monthly hosting charges once they have purchased the miners.
According to Alex Leishman (River’s CEO), the first miner will be online in 2022. He stated that the service will initially be available to U.S. clients, but River plans to expand the program worldwide in 2022.
This product is available at a time where bitcoin mining has become a highly profitable business due to its high margins, and the rise in the price of the largest cryptocurrency. New entrants have found it difficult to enter the sector due to the difficulties of setting up machines as well as the inaccessibility of cheap electricity. Leishman stated that chip shortages, supply chain problems, and high residential energy prices have made it more difficult to enter mining.
“River Mining eliminates these obstacles for clients by making sure it is easy for them to own, manage and generate Bitcoin with their private Bitcoin mining fleets,” he said.