Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain”
or the “Company")
, one of the leading Nasdaq-listed Bitcoin
(“BTC”) mining companies in the United States, announces its July
production and operations updates, including its unaudited Bitcoin
production for July 2021 and its miner shipping/deployment status.
Production and Operations Updates
- In July 2021, Riot produced 444 BTC, an increase of
approximately 771% over its July 2020 production of 51 BTC.
- Year to date through July 2021, the Company produced a total of
1,610 BTC, an increase of approximately 188% over its BTC
production during the same 2020 period of 559 BTC.
- As of July 31, 2021, Riot held approximately 2,687 BTC, all of
which were produced by its self-mining operations.
Riot plans to continue providing 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.
Miner Deployment and Shipment Updates
During the month of July, Riot’s Whinstone facility underwent
the necessary infrastructure upgrades to support the ongoing
deployment of Riot’s latest-generation S19 Antminers scheduled to
be received from Bitmain Tech Lte. Ltd. (“Bitmain”). Installation
of recently received miners has extended into August with
approximately 4,200 S19 Pro Antminers (110 TH) in the process of
being deployed at the Whinstone facility. Based on this ongoing
installation, Riot’s hash rate capacity is approximately 1.93
exahash per second (EH/s).
As part of a December 2020 purchase order with Bitmain,
2,000 S19 Pro Antminers (110 TH) were shipped late July and will be
deployed at the Whinstone facility over the coming weeks. By early
September, Riot anticipates that it will have a total of 25,946
Antminers in operation, utilizing approximately 83 MW of energy,
with an estimated hash rate capacity of 2.6 EH/s.
Riot’s previously disclosed pilot project with Lancium, LLC and
Enigma Digital Assets (“Enigma”) in Houston, TX reached full
operation in July, utilizing Enigma’s immersion-cooled Bitcoin
mining container using Riot’s S19 Pro Antminers.
Infrastructure and Hash Rate Growth
Construction of four additional buildings, totaling
approximately 240,000 sq/ft with 400 MW of capacity, has commenced
at the Whinstone site. Earthwork, underground cabling, and concrete
are currently in progress, as well as electrical substation
expansion. Development of a maintenance building and employee
training center is also underway to support the expanded
By Q4 2022, Riot anticipates a self-mining 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.
Upon full deployment, the Company’s total self-mining fleet
is expected to consume approximately 257 MW of energy, with
approximately 206 MW deployed at the Company’s Whinstone facility
and approximately 51 MW deployed at Coinmint, LLC’s facility.
This would result in an overall hash rate efficiency of 33
joules per terahash (J/TH), demonstrating Riot’s commitment to
building one of the largest and most efficient Bitcoin mining
fleets in the industry.
Office and Human Resources Update
In connection with the acquisition of Whinstone and the
substantial expansion underway, Riot is opening an office in
Austin, Texas. To further support the expanded operations, Riot is
pleased to announce the hiring of William Jackman as General
Counsel, Josh Bowman as Director of Human Resources, and Trystine
Payfer as Director of Communications. The Company is continuing to
evaluate its human resources needs amid its ongoing expanded
On August 18th and 19th, Riot will be participating in the B.
Riley Securities Summer Summit in Santa Monica, CA.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and
through Whinstone, its subsidiary, hosting Bitcoin mining equipment
for institutional clients. The Company is expanding and
upgrading its mining operations through industrial-scale
infrastructure development and latest-generation miner procurement.
Riot is headquartered in Castle Rock, Colorado, and the
Whinstone facility operates out of Rockdale, Texas. The Company
also has mining equipment operating in upstate New York under a
co-location hosting agreement with Coinmint, LLC. For more
information, visit www.RiotBlockchain.com.
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
Investor Contact - Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
Riot Blockchain, Inc.
Riot Blockchain (NASDAQ:RIOT)
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