CASTLE ROCK, Colo.,
April 2, 2020 /PRNewswire/
-- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot" or the
"Company"), one of the few Nasdaq listed public cryptocurrency
mining companies in the United States, announces a production
update for the month of March
2020.
- During March 2020, the Company
produced 102 newly mined bitcoins (BTC) with the new Bitmain S17's
fully deployed for the entire month of March
2020.
- As a comparison, prior to the Oklahoma City mining facility upgrade, Riot
produced 45 BTC in December 2019 with
approximately 7,500 S9's, but no S17's yet deployed. Post upgrade,
the March 2020 production resulted in
a 126% increase of BTC when compared to December 2019.
- Riot's bitcoin inventory has increased by 14% since
February 29 to 819 BTC as of
March 31.
- The Company is currently operating approximately 4,000 S17s and
a nominal amount of S9s with an aggregate hashing power capacity of
248 Petahash per second.
- As of the March 25, 2020
network-wide difficulty adjustment, the bitcoin network experienced
a reduction of 16% in difficulty. Future changes in the
network-wide hash rate and difficulty will impact Riot's production
of BTC.
As previously announced, the Company intends to release monthly
unaudited production results from its mining operation through
May 2020, at which point the Company
will re-evaluate how best to keep shareholders apprised.
Per the 2019 financial results press release issued on
March 25, 2020, Riot is
continuing to monitor COVID-19 and its potential impact on the
Company's workforce, operations, finance and liquidity. Riot
intends to continue monitoring the situation and will provide
updates if and when necessary. Riot began operating under COVID-19
contingency plans several weeks ago and continues to take steps
relative to the pandemic to address potential impacts on employees
and operations. Thankfully, to date impacts have been minimal.
About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT)
specializes in cryptocurrency mining with a focus on bitcoin. Riot
also holds non-controlling investments in blockchain technology
companies. Riot is headquartered in Castle Rock, Colorado, and the Company's
mining facility is located in Oklahoma
City, Oklahoma. 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.