Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an
industry leader in vertically integrated Bitcoin (“BTC”) mining,
announces unaudited production and operations updates for January
2024.
Bitcoin Production and Operations
Updates for January 2024
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Comparison (%) |
|
Metric |
|
January 2024 |
December 2023 |
January 2023 |
|
Month/Month |
Year/Year |
|
Bitcoin Produced |
|
520 |
619 |
740 |
|
-16% |
-30% |
|
Average Bitcoin Produced per Day |
16.8 |
20.0 |
23.9 |
|
-16% |
-30% |
|
Bitcoin Held1 |
|
7,648 |
7,362 |
6,978 |
|
4% |
10% |
|
Bitcoin Sold |
|
212 |
590 |
700 |
|
-64% |
-70% |
|
Bitcoin Sales - Net Proceeds |
|
$9.5
million |
$25.3
million |
$13.7
million |
|
-62% |
-31% |
|
Average Net Price per Bitcoin Sold |
$44,860 |
$42,872 |
$19,573 |
|
5% |
129% |
|
Deployed Hash Rate1 |
|
12.4
EH/s |
12.4
EH/s |
9.3
EH/s |
|
- |
33% |
|
Deployed Miners1 |
|
112,944 |
112,944 |
82,656 |
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- |
37% |
|
Power Credits2 |
|
$2.2
million4 |
$0.0
million4 |
$0.4
million |
|
n/a |
435% |
|
Demand Response Credits3 |
|
$1.1 million4 |
$0.5 million4 |
$0.5 million |
|
98% |
116% |
|
1. As of month-end.2. Power curtailment
credits.3. Credits received from participation in ERCOT
demand response programs.4. Unaudited, estimated. |
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“Riot had a strong month in January, mining 520
Bitcoin while utilizing our unique power strategy,” said Jason Les,
CEO of Riot. “Texas experienced extreme cold during the month,
which led to increased demand for power. During periods of high
demand, Riot’s power curtailment efforts helped to stabilize the
grid and generated $3.3 Million in Power and Demand Response
Credits, equivalent to approximately 77 Bitcoin based on the
average price of Bitcoin during the month. Riot’s unique power
strategy is central to positioning us as one of the lowest cost
miners, and is a key competitive advantage, alongside our unmatched
balance sheet strength and vertically integrated operations, as our
industry transitions through the upcoming Bitcoin halving.
“As we approach the halving, which is expected
to occur in April 2024, Riot also intends to leverage our ability
to obtain Bitcoin at a significant discount to its current market
price by retaining a greater proportion of our monthly Bitcoin
production in the near term. This is made possible by our strong
liquidity profile, and will further cement our position as one of
the largest holders of Bitcoin.”
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 (“MW”) of capacity upon
completion of this initial phase. Once fully developed, the
Corsicana Facility will have up to 1 gigawatt in total
capacity.
The 400 MW substation is expected to be
energized by the end of March 2024, and the first 100 MW building,
A1, will commence operations immediately thereafter. The additional
buildings comprising the 400 MW Phase 1 buildout of the Corsicana
Facility will be energized, and hashing will commence, in stages
over the course of 2024.
Estimated Hash Rate Growth
Riot anticipates achieving a total self-mining
hash rate capacity of 29 EH/s by the end of 2024.
In June 2023, Riot entered into a long-term
purchase agreement with MicroBT, which included an initial order of
33,280 Bitcoin miners for the 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 the 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.
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
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 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
Images accompanying this announcement are
available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/64c72944-4cf9-4361-8d18-853dcf0ac990
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