Riot Blockchain Announces May Production and Operations Updates
June 10 2021 - 4:45PM
Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain”
or the “Company"), one of the leading Nasdaq listed Bitcoin
mining companies in the United States, announces its May production
and operational updates, including its unaudited Bitcoin (“BTC“)
production for May 2021 and its latest miner delivery status.
Production and Operations Updates
- In May 2021, Riot produced 227 BTC, an increase of
approximately 220% over its May 2020 production of 71 BTC.
- Year to date through May 2021, the Company produced a total of
924 BTC, an increase of approximately 101% over its pre-halving BTC
production during the same 2020 period of 460 BTC.
- As of May 31, 2021, Riot held approximately 2,000 BTC, all of
which were produced by its mining operations.
The Company plans to continue to provide monthly operational
updates and unaudited production results through the end of 2021.
These updates are intended to keep shareholders informed of
Riot’s mining production as it continues to deploy its expanding
miner fleet.
Whinstone Acquisition Completed
On May 26, 2021, Riot announced it completed its previously
announced acquisition of Whinstone U.S. (“Whinstone”). Whinstone’s
Bitcoin mining facility in Rockdale, TX is the largest Bitcoin
mining facility in North America, as measured by its 300 MW in
developed capacity. The Company announced its plans to immediately
commence further development of additional capacity at Whinstone in
order to rapidly bring the property to its current capacity of 750
MW. This expansion will be driven by Whinstone’s industry leading
development team of over 100 employees.
Whinstone’s comprehensive energy management strategy delivers
best-in-class net energy costs of approximately 2.5 cents per kWh
utilizing cutting-edge technology and comprehensive analytics to
deliver industry-leading low cost, reliable and responsive
power.
Recent Miner Deliveries
As part of a December 2020 purchase order with Bitmain, 1,000
S19 Pro Antminers (110 TH) were shipped in late May 2021.
Installation of the 1,000 miners is expected to be completed in Q2
2021, and upon full deployment of additional miners with Riot’s
existing fleet, Riot will have a total of 23,946 Antminers in
operation, utilizing approximately 76 megawatts (“MW”) of energy,
with an estimated hash rate capacity of 2.4 exahash per second
(“EH/s”).
These 1,000 S19 Pro Antminers will be deployed at the Whinstone
facility alongside the previously announced shipment of 6,500
Antminers. Riot continues to receive miner shipments from Bitmain
as scheduled.
Hash Rate Growth
By Q4 2022, Riot anticipates a total hash rate capacity of 7.7
EH/s, assuming full deployment of its anticipated fleet of
approximately 81,146 Antminers acquired from Bitmain, 95% of which
will be the latest generation S19 series model of miners.
When fully deployed, the Company’s total fleet is expected to
consume approximately 257.6 MW of energy, with approximately 208 MW
deployed at Riot’s Whinstone facility and approximately 51 MW
deployed at Coinmint LLC’s facility. This results in an overall
hash rate efficiency of 33 joules per terahash (J/TH). This
demonstrates Riot’s commitment to being a market leader by building
one of the largest and most efficient Bitcoin mining fleets in the
industry.
Sale of Coinsquare Shares
As previously announced, Riot completed the purchase
transactions with Mogo Inc. (NASDAQ: MOGO) whereby Mogo
cumulatively acquired 100% of the 3.4 million common shares of
Coinsquare Ltd. held by Riot, in exchange for total consideration
of 3.2 million shares of Mogo’s common stock, plus approximately
$1.8 million in cash. With this transaction, Riot has now
completely disposed of its equity investment in Coinsquare.
About Riot Blockchain, Inc.
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 is headquartered in Castle Rock, Colorado, and the
Company’s mining operations are located in upstate New York, under
a co-location hosting agreement with Coinmint. For more
information, visit www.RiotBlockchain.com.
Safe Harbor
The information provided in this press release may include
forward-looking statements within the meaning of the federal
securities laws, including as to the effects of the acquisition by
the Company of Whinstone and the future financial performance and
operations of the Company and Whinstone. 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," “believes,” "plans,"
"expects," "intends," "will," "potential," "hope" and similar
expressions are intended to identify forward-looking statements.
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. These forward-looking statements may include, but
are not limited to, statements about the benefits of the
acquisition of Whinstone, including financial and operating
results, and the Company’s plans, objectives, expectations and
intentions. Among the risks and uncertainties that could cause
actual results to differ from those expressed in forward-looking
statements are: (1) the integration of the businesses of the
Company and Whinstone may not be successful, or such integration
may take longer or be more difficult, time-consuming or costly to
accomplish than anticipated; and (2) failure to otherwise realize
anticipated efficiencies and strategic and financial benefits from
the acquisition of Whinstone. Detailed information regarding other
factors that may cause actual results to differ materially from
those expressed or implied by statements in this press release may
be found in the Company's filings with the U.S. Securities and
Exchange Commission (the “SEC”), including in the sections entitled
"Risk Factors" and “Cautionary Note Regarding Forward-Looking
Statements” of the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2020, which was filed with the SEC
on March 31, 2021 and subsequently amended in a filing with the SEC
on April 30, 2021, and the Company’s Quarterly Report on Form 10-Q
for the fiscal quarter ended March 31, 2021, which was filed with
the SEC on May 17, 2021, and in the additional risk factors set
forth in the Company’s Current Report on Form 8-K filed with the
SEC on May 26, 2021, copies of which may be obtained from the SEC's
website at www.sec.gov. All forward-looking statements included in
this press release are made only as of the date of this press
release, and the Company does not undertake any obligation to
publicly update or correct any forward-looking statements to
reflect events or circumstances that subsequently occur, or of
which the Company hereafter becomes aware, except as required by
law.
Investor Contact - Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
PR Contact
Riot Blockchain, Inc.
PR@riotblockchain.com
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