CASTLE ROCK, Colo.,
Jan. 8, 2020 /PRNewswire/
-- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot" or the
"Company"), announces receipt of approximately 3,000 S17 Pro
Antminers from BitmainTech PTE. LTD. ("Bitmain"), arriving at
Riot's Oklahoma City mining
facility in late December 2019. The
Riot team has commenced deploying the new S17 Pro generation
miners. This initial purchase was previously announced on
December 4, 2019. The
deployment of the new miners is advancing rapidly, and Riot has
secured additional temporary labor to accelerate the upgrade
process.
Riot anticipates receipt of the second order of 1,000 S17 Pro
Antminers from Bitmain during January
2020, as previously announced by the Company on December 12, 2019. Assuming a late January 2020 receipt of the second Bitmain order
of 1,000 S17 Pro Antminers, as scheduled, the full upgrade of its
Oklahoma City mining facility to
the new S17 Pro generation of miners could be completed over
approximately the next four weeks.
Riot estimates the aggregate operating hashrate at the
Oklahoma City mining facility,
assuming full utilization of the facility's current total 12
megawatt ("MW") available electric supply and full deployment of
the total 4,000 next generation miners, to be approximately 248
petahash per second. This would represent an estimated 240%
increase over Riot's present average mining hashrate. Riot
anticipates that total deployment of the 4,000 S17 Pro new miners
will represent approximately 90% of the Oklahoma City's mining facility's total
current capacity.
Riot Blockchain, one of the few Nasdaq listed public
cryptocurrency mining companies in the
United States, announced in December
2019 the purchase of 4,000 next generation Bitmain S17 Pro
Antminers for approximately USD $6.35
million from Bitmain. Over the coming weeks Riot will be
evaluating possible next steps for its approximate 7,500 S9 miners,
a majority of which are being taken off-line to make room for the
new generation miners. The Company plans to provide further updates
as it progresses.
About Riot Blockchain
Riot Blockchain is focused on building, operating, and
supporting blockchain technologies. Its primary operations consist
of cryptocurrency mining, targeted development of a cryptocurrency
exchange, and the identification and support of innovations within
the sector. For more information, visit
http://www.RiotBlockchain.com/.
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 1A of our most recent Form 10-K for
the fiscal year ended December 31,
2018 filed with the Securities and Exchange Commission (the
"SEC") on April 2, 2019, as amended
by Amendment No. 1 on Form 10-K/A on April
23, 2019, as well as those risk factors disclosed in any
periodic reports we file with the SEC. If any of these risks were
to occur, our business, financial condition or results of
operations would likely suffer. In that event, the value of our
securities could decline, and you could lose part or all of your
investment. The risks and uncertainties we describe are not the
only ones facing us.
Additional risks not presently known to us or that we currently
deem immaterial may also impair our business operations. In
addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. See "Safe Harbor"
below.
Safe Harbor
The information provided in this press release may include
forward-looking statements relating to future events or the future
financial performance of the Company. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as "anticipates," "plans," "expects,"
"intends," "will," "potential," "hope" and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon current expectations of
the Company and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties. Detailed information regarding factors that may
cause actual results to differ materially from the results
expressed or implied by statements in this press release relating
to the Company may be found in the Company's periodic filings with
the Securities and Exchange Commission, including the factors
described in the sections entitled "Risk Factors," copies of which
may be obtained from the SEC's website at www.sec.gov. The Company
does not undertake any obligation to update forward-looking
statements contained in this press release.
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SOURCE Riot Blockchain, Inc.