RIOT Riot Platforms Inc

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 February 2024.   

Bitcoin Production and Operations Updates for February 2024 

							Comparison (%)
	Metric		February 20241	January 20241	February 2023		Month/Month		Year/Year
	Bitcoin Produced		418	520	675		-20%		-38%
	Average Bitcoin Produced per Day		14.4	16.8	24.1		-14%		-40%
	Bitcoin Held2		8,067	7,648	7,058		5%		14%
	Bitcoin Sold		-	212	600		N/A		N/A
	Bitcoin Sales - Net Proceeds		-	$9.5 million	$14.2 million		N/A		N/A
	Average Net Price per Bitcoin Sold		N/A	$44,860	$23,656		N/A		N/A
	Deployed Hash Rate2		12.4 Eh/s	12.4 Eh/s	9.8 Eh/s		-		26%
	Deployed Miners2		112,944	112,944	87,264		-		29%
	Power Credits3		$1.0 million	$2.2 million	$0.5 million		-53%		121%
	Demand Response Credits4		$0.2 million	$1.1 million	$0.4 million		-81%		-48%

 

1. Unaudited, estimated.
2. As of month-end.
3. Power curtailment credits.
4. Credits received from participation in ERCOT demand response programs.

“Riot mined a total of 418 Bitcoin in February,” said Jason Les, CEO of Riot. “During the month, we also announced a new purchase order with MicroBT for 31,500 miners to be installed at our Rockdale Facility. The installation of these miners will increase our mining efficiency and uptime, and will further expand hash rate capacity at our Rockdale Facility to 15.1 EH/s. Approximately 17,000 of the miners in this order will be used to replace miners that are not performing to our expectations. We expect to see significantly improved operating performance from our self-mining operations at our Rockdale Facility as these new miners are installed and begin operating, which we expect to commence in Q2 and to be completed in Q3 2024.”

Infrastructure Update

Riot is currently developing Phase 1 of the Company’s second large-scale facility, the Corsicana Facility, which is expected to have 400 megawatts (“MW”) of developed mining capacity upon completion of this initial phase. Once fully developed, the Corsicana Facility is expected to have 1 gigawatt (1,000 MWs) in total developed mining capacity.

During the month of February, the structure for the first 100 MW building, Building A1, was completed and onsite teams made progress on the deployment of tanks for the immersion cooling systems within the building. Also, during the month, our teams began pouring the foundation for the second 100 MW building, Building A2, which is expected to be completed subsequent to Building A1.

The 400 MW substation is expected to be energized by the end of March 2024, and the first 100 MW building, Building A1, will commence operations shortly thereafter. The additional buildings comprising the 400 MW Phase 1 buildout of the Corsicana Facility are currently under development, which we expect to be energized and begin hashing in stages over the course of 2024.

Estimated Hash Rate Growth        Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024.

As previously disclosed, in June 2023, Riot entered into a long-term master purchase agreement with MicroBT, which included an initial order of 33,280 immersion miners for the Corsicana Facility. Effective December 1, 2023, Riot executed a second order under the MicroBT master agreement for an additional 66,560 immersion miners, primarily for the Corsicana Facility. In February 2024, Riot entered into a third order with MicroBT, for 31,500 air-cooled miners for the Rockdale Facility. Approximately 17,000 miners in the order are expected to replace underperforming machines currently operating in the facility, and the deployment of the remaining 14,500 miners will add additional hash rate capacity to our self-mining operations at the Rockdale Facility.

Collectively, the three purchase orders will add 28 EH/s to Riot’s self-mining capacity. Deployment of these miners intended for the Corsicana Facility is expected to begin in Q1 2024 and estimated to be completed by the second half of 2025. Deployment of the miners intended for the Rockdale Facility is expected to begin in Q2 2024 and be completed in Q3 2024.

Upon full deployment in 2025, Riot anticipates a total self-mining hash rate capacity of 41 EH/s.

Conference Schedule:

• Roth 36th Annual Conference held in Dana Point, CA March 17th – 19th.
• Empower Conference held in Houston, TX on March 26th – 27th.

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 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 McPherson   303-794-2000 ext. 110   IR@Riot.Inc       Media Contact:   Alexis Brock   303-794-2000 ext. 118    PR@Riot.Inc   

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