Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an
industry leader in Bitcoin (“BTC”) mining and data center hosting,
announces unaudited production and operations updates for December
2023.
Bitcoin Production and Operations Updates
for December 2023
|
|
Annual |
|
Monthly |
|
Monthly Comparison (%) |
Metric |
|
FY 2023 |
|
December 2023 |
November 2023 |
December 2022 |
Month/Month |
Year/Year |
Bitcoin Produced |
|
6,626 |
|
619 |
552 |
681 |
|
12% |
-9% |
Average Bitcoin Produced per Day |
|
18.2 |
|
20.0 |
18.4 |
22.0 |
|
8% |
-9% |
Bitcoin Held |
|
7,362 1 |
|
7,362 2 |
7,342 2 |
6,974 2 |
|
0% |
6% |
Bitcoin Sold |
|
6,185 |
|
590 |
540 |
600 |
|
9% |
-2% |
Bitcoin Sales - Net Proceeds |
|
$176.2
million |
|
$25.3
million |
$19.6
million |
$10.2
million |
|
29% |
147% |
Average Net Price per Bitcoin Sold |
|
$28,491 |
|
$42,872 |
$36,278 |
$17,053 |
|
18% |
151% |
Deployed Hash Rate |
|
12.4 EH/s
1 |
|
12.4 EH/s
2 |
12.4 EH/s
2 |
9.7 EH/s
2 |
|
- |
27% |
Deployed Miners |
|
112,944 1 |
|
112,944 2 |
112,944 2 |
88,556 2 |
|
- |
28% |
Power Credits 3 |
|
$49.3
million 5 |
|
$0.0
million 5 |
$0.2
million 5 |
$4.4
million |
|
-87% |
-99% |
Demand Response Credits 4 |
|
$22.3 million 5 |
|
$0.5 million 5 |
$1.7 million 5 |
$0.6 million |
|
-68% |
-10% |
|
|
|
|
|
|
|
|
|
|
- Unaudited, as of year-end.
- As of month-end.
- Power curtailment credits.
- Credits received from participation in ERCOT demand response
programs.
- Unaudited, estimated.
“December’s strong performance capped off a
successful 2023 for Riot, with 619 Bitcoin mined during the month,
representing a 12% increase over the previous month,” said Jason
Les, CEO of Riot. “We are proud to close 2023 on a high note,
having completed the expansion of our Rockdale Facility and also
making significant progress on the development of our new Corsicana
Facility. Riot reached new heights in 2023, mining 6,626 Bitcoin
over the course of the year while simultaneously demonstrating the
unique benefits of Riot’s power strategy, generating $71.6 million
in power credits equivalent to 2,480 Bitcoin based on an average
price for Bitcoin during 2023. As a result of our industry-leading
balance sheet strength, Riot is well positioned to execute on our
plan to increase our self-mining hash rate to 28 EH/s by the end of
2024.”
Infrastructure Update
Riot is currently developing Phase 1 of the
Company’s second large-scale facility, the Corsicana Facility,
which will add an additional 400 megawatts of capacity upon
completion of this initial phase. Once fully developed, the
Corsicana Facility will have up to 1 gigawatt in total
capacity.
During December, the foundation was poured for
the first building at the Corsicana Facility, Building A1, and the
structure is in process of being erected. Building A1 is expected
to be energized by the end of Q1 2024, and the additional buildings
comprising the 400 MW Phase 1 buildout of the Corsicana Facility
will be energized in the proceeding months.
Estimated Hash Rate Growth
In June 2023, Riot entered into a long-term
purchase agreement with MicroBT, which included an initial order of
33,280 Bitcoin miners for its Corsicana Facility. Effective
December 1, 2023, Riot executed a second order under the MicroBT
long-term purchase agreement for an additional 66,560 Bitcoin
miners, primarily for its Corsicana Facility.
Collectively, the two purchase orders will add
26 EH/s to Riot’s self-mining capacity. Deployment of these miners
is expected to begin in Q1 2024 and to be completed by the second
half of 2025. Upon full deployment in 2025, Riot anticipates a
total self-mining hash rate capacity of 38 EH/s.
2023 Year End Liquidity
(Unaudited)
Riot ended the year with approximately $590
million in cash on hand and 7,362 in unencumbered Bitcoin on the
balance sheet, representing total liquidity of approximately $901
million as of the end of 2023 (unaudited), based on the year-end
market price of Bitcoin.
As of the end of 2023, Riot had approximately
230.8 million shares outstanding.
Conference Schedule:
- 26th Annual Needham Growth Conference held in New York, NY,
January 17-18th.
- Nashville Energy and Mining Summit 2024 held in Nashville, TN,
January 18-19th.
Human Resources Update
Riot is currently recruiting for positions
across the Company. Join our team in building, expanding, and
securing the Bitcoin network.
Open positions are available
at: https://www.riotplatforms.com/careers.
About Riot Platforms, Inc.
Riot’s (NASDAQ: RIOT) vision is to be the
world’s leading Bitcoin-driven infrastructure platform. Our mission
is to positively impact the sectors, networks, and communities that
we touch. We believe that the combination of an innovative spirit
and strong community partnership allows the Company to achieve
best-in-class execution and create successful outcomes.
Riot is a Bitcoin mining and digital
infrastructure company focused on a vertically integrated strategy.
The Company has data center hosting operations in central Texas,
Bitcoin mining operations in central Texas, and electrical
switchgear engineering and fabrication operations in Denver,
Colorado.
For more information,
visit www.riotplatforms.com.
Safe HarborStatements in this
press release that are not historical facts are forward-looking
statements that reflect management’s current expectations,
assumptions, and estimates of future performance and economic
conditions. Such statements rely on the safe harbor provisions of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. 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.
These forward-looking statements may include, but are not limited
to, statements about the benefits of acquisitions, 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 include, but are not
limited to: unaudited estimates of Bitcoin production; our future
hash rate growth (EH/s); the anticipated benefits, construction
schedule, and costs associated with the Corsicana site expansion;
our expected schedule of new miner deliveries; the impact of
weather events on our operations and results; our ability to
successfully deploy new miners; the variance in our mining pool
rewards may negatively impact our results of Bitcoin production;
megawatt (“MW”) capacity under development; we may not be able to
realize the anticipated benefits from immersion-cooling; the
integration of acquired businesses may not be successful, or such
integration may take longer or be more difficult, time-consuming or
costly to accomplish than anticipated; failure to otherwise realize
anticipated efficiencies and strategic and financial benefits from
our acquisitions; and the impact of COVID-19 on us, our customers,
or on our suppliers in connection with our estimated timelines.
Detailed information regarding the factors identified by the
Company’s management which they believe may cause actual results to
differ materially from those expressed or implied by such
forward-looking statements in this press release may be found in
the Company’s filings with the U.S. Securities and Exchange
Commission (the “SEC”), including the risks, uncertainties and
other factors discussed under 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, 2022, as amended, and the other filings the Company
makes with the SEC, copies of which may be obtained from the SEC’s
website, 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 disclaims any intention or obligation to
update or revise any such forward-looking statements to reflect
events or circumstances that subsequently occur, or of which the
Company hereafter becomes aware, except as required by law. Persons
reading this press release are cautioned not to place undue
reliance on such forward-looking statements.
Investor Contact:Phil McPherson303-794-2000 ext.
110IR@Riot.Inc
Media Contact:Alexis Brock303-794-2000 ext.
118PR@Riot.Inc
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3e9749c3-5aed-4bc8-9ff9-1ca5d25fa3c7
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