CASTLE ROCK, Colo.,
July 16, 2020 /PRNewswire/ -- Riot
Blockchain, Inc. (NASDAQ: RIOT) ("Riot" or the
"Company"), has received 1,000 S19 Pro miners, the first
of three orders cumulatively totaling 3,040, S19 and S19 Pro
Antminers from BitmainTech PTE. LTD. ("Bitmain"), at Coinmint's
Massena, New York facility.
Deployment of these 1,000 new S19 Pro generation miners has
commenced and is expected to be completed by Friday, July 17, 2020.
Riot recently relocated its mining operations to Massena, New York for a number of benefits,
the largest of which was to take advantage of the extremely
competitive electricity costs in the New York ISO market.
Once the 1,000 S19 Pro miners are installed and fully operational,
Riot's active mining portfolio will consist of 4,000 S17 Pros and
1,000 S19 Pros. As a result, the Company's aggregate hashing power
capacity will increase by 45% from current levels to approximately
357 PH/s and consume 12.8 megawatts of power. This level of
energy efficiency is the result of Riot's continued efforts to
build its operations with the highest performance mining hardware
on the market.
Once all 3,040 Bitmain S19 Pro and S19 miners are received and
deployed, Riot estimates that the aggregate hashing power capacity
of its then fleet of 7,040 next generation miners (4,000 S17 Pro,
2,000 S19 Pro and 1,040 S19 miners) will be approximately 566 PH/s,
representing a 129% increase over the Company's current hash rate
capacity. Riot expects the additional S19 miners to be shipped,
1,040 in July and 1,000 in September / October.
"The initial phase of the Riot Blockchain transformation is now
complete," said Remo Mancini,
Chairman of Riot Blockchain. "We have embarked on a systematic risk
mitigation effort to benefit all shareholders. We have
overseen the termination of the SEC investigation and have improved
the Company's financial profile by eliminating all long-term debt,
adding significant positive working capital, and reducing our
operating overhead by relocating to a lower-cost
facility."
"We have also streamlined our operational capabilities by
reorganizing our management team, closing RiotX and focusing on the
production of bitcoin, of which the Company now has over 1,000 in
inventory. We have completely upgraded the Company's mining
fleet and are on-track to achieving a hash rate capacity of
approximately 566 PH/s by Q4 of 2020, utilizing highly power
efficient mining hardware. We are now well-positioned to
embark on the second phase of Riot Blockchain's
transformation."
In the current phase of Riot Blockchain's transformation, Riot
plans to continue increasing its aggregate hash rate capacity and
exceeding 1 exahash per second ("Eh/s") in early 2021, continue to
assess its ongoing human resources requirements and manage
expenses. In addition, supported by its Board of Directors
and Advisory Board, the Company will also continue to work with XMS
Capital in evaluating opportunities to further increase shareholder
value.
About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT)
focuses on cryptocurrency mining of bitcoin. The Company is
expanding and upgrading its mining operations by securing the most
energy efficient miners currently available. Riot also holds
certain non-controlling investments in blockchain technology
companies. Riot is headquartered in Castle Rock, Colorado, and the Company's
primary mining facility was recently relocated to upstate
New York, under a colocation
agreement with Coinmint. For more information, visit
www.RiotBlockchain.com.
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.