Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot
Blockchain” or “the Company”), an industry leader in
Bitcoin (“BTC”) mining and hosting, announces production and
operations update for June 2022.
Bitcoin Production and Operations Updates
· In June 2022, Riot produced 421 BTC, an increase
of approximately 73%, as compared to June 2021 production of 243
BTC.· As of June 30, 2022, Riot held approximately
6,654 BTC, all produced by the Company’s self-mining operations.·
In June 2022, Riot sold 300 Bitcoin, generating net
proceeds of approximately $6.2 million.· Riot
currently has a deployed fleet of 42,455 miners, with a hash rate
capacity of 4.4 exahash per second (“EH/s”).
"We are pleased to report that during the month of June, we
achieved full operation of all 23,000 S19 series miners in the
first immersion-cooled building at our Whinstone Facility, Building
F,” said Jason Les, CEO of Riot. “We initially conceived of plans
for this immersion-cooled building just twelve months ago, and we
are proud of our demonstrated ability to fully execute on our plans
on such a rapid timeline. Our Whinstone Facility expansion project
now continues on to our second immersion-cooled building, Building
G, where the initial miners are deployed and hashing.
“Additionally in June, we began our annual participation in
ERCOT’s Four Coincident Peak (“4CP”) program in which we curtail
our energy consumption when called on by ERCOT during the four
summer months of peak energy demand in Texas. As part of our
participation in the 4CP program, in June we curtailed our energy
consumption for a total of 8,648 megawatt hours.
“While participation in grid programs like 4CP impacts our
Bitcoin production, we view this as an important part of our
partnership-driven approach with ERCOT and our commitment to being
a good corporate citizen in our communities. Participation in the
4CP program also reduces Riot’s energy costs in the proceeding
year.”
Mining Deployment and Shipment Update
As part of its vertical-integration strategy and to lower its
operating expenses, Riot announces that it has begun transitioning
all of its miners hosted at Coinmint LLC’s (“Coinmint”) Massena, NY
facility. The transition will consist of both a relocation of
miners to the Company’s Whinstone Facility and by way of a miner
swap agreement which Riot has entered into with another Bitcoin
mining counterparty. This initiative is underway and approximately
5,700 miners are currently offline, and temporarily not counted in
the deployed fleet figure, as they are in the process of being
redeployed. It is expected that the Company will ship the balance
of its S19 miner fleet presently at Coinmint to Riot’s Whinstone
Facility in July.
As a result of this relocation of miners, the Company expects to
further reduce its cost of production through lower power costs and
by eliminating all third-party hosting fees on its hosted mining
fleet.
Since its last monthly update, Riot received an additional 1,273
new S19j Pros, deployed 4,676 S19j Pros in its immersion-cooled
buildings with an additional 6,324 miners staged for deployment.
Additionally, shipments of 6,333 S19j Pros have been initiated out
of Bitmain and are expected to be received during July 2022. Upon
deployment of the staged miners, the Company expects to have a
total of 48,779 miners deployed with a hash rate capacity of
approximately 5.0 EH/s.
Infrastructure Update
Throughout June, progress continued on Riot’s 400 megawatt
(“MW”) infrastructure expansion project at the Whinstone Facility
in Rockdale, Texas. Air-cooled Buildings D and E are advancing
towards completion, with electrical work continuing in Building D
and installation of its intake louvres underway. The installation
of the roof on Building E is now complete and progress has been
made on its indoor switchboards.
As previously reported, Riot’s first immersion-cooled building,
Building F, is now complete and operational. In the Company’s
second immersion-cooled building, Building G, electrical work is
advancing on medium and low voltage switch gear, and initial miner
deployments have begun.
Estimated Hash Rate Growth
By January 2023, Riot anticipates a total self-mining hash rate
capacity of 12.5 EH/s, assuming full deployment of approximately
115,450 Antminer ASICs, but excluding any potential incremental
productivity gains from the Company’s utilization of 200 MW of
immersion-cooling infrastructure. Substantially all of Company’s
self-mining fleet will consist of the latest generation S19 series
miner model. In addition to the Company’s self-mining operations,
Riot hosts approximately 200 MW of institutional Bitcoin mining
clients.
Human Resources
The Company is pleased to announce that William Jackman has been
promoted to Executive Vice President, General Counsel, and Chad
Harris has been promoted to Executive Vice President, Chief
Commercial Officer of Riot.
Mr. Jackman serves as the Company’s General Counsel and leads
its legal team. As a member of the executive leadership team, Mr.
Jackman is a part of driving high-level strategy and
decision-making for Riot.
Mr. Harris, co-founder of Whinstone US, will continue to lead
the Whinstone team and the development of the Company’s Bitcoin
mining data center operations. In his new role, he will also be
responsible for high-level strategy, business development and value
creation for Riot.
Investor Relations
Riot’s Annual General Meeting of Shareholders is scheduled for
July 27th, 2022, at 8:00 AM Central Time/9:00 AM Eastern Time. The
Company reminds stockholders that their support of each proposal
included in its Proxy Statement is critical in giving Riot the
ability to capitalize on opportunities to grow and enhance
shareholder value.
To vote your shares for our upcoming Annual General Meeting,
please visit www.proxyvote.com or vote by phone at
1-800-690-6903.
About Riot Blockchain, Inc.
Riot Blockchain’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
Bitcoin mining data center operations in central Texas, Bitcoin
mining operations in central Texas and for the near-term in upstate
New York, and electrical switchgear engineering and fabrication
operations in Denver, Colorado.
For more information, visit www.RiotBlockchain.com.
Safe Harbor
Statements 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 Navarro site expansion; our
expected schedule of new miner deliveries; our ability to
successfully deploy new miners; M.W. 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, 2021, 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.
- Riot's Whinstone Facility
- Riot Blockchain Hash Rate Capacity Growth Updated June
2022
Alexis Brock
Riot Blockchain, Inc.
512-940-6014
PR@riotblockchain.com
Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
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