CASTLE ROCK, Colo.,
Feb. 20, 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, has
announced updated strategic priorities for 2020, including a more
targeted focus on bitcoin mining.
Since 2017, Riot has concentrated on developing its
cryptocurrency mining operations and investing in
blockchain-focused technologies. Historically, the Company has
produced newly minted bitcoin (BTC), bitcoin cash (BCH), and
litecoin (LTC). In line with the initial strategic objectives, Riot
also invested in several companies and internal initiatives with
the intent of building and supporting blockchain technologies.
Going forward, Riot reinforces its confidence in bitcoin by
focusing on bitcoin mining and pursuing opportunities more directly
related to bitcoin mining.
Cryptocurrency Mining: Riot recently completed a full
network upgrade at its Oklahoma
City mining facility with the objective to increase
operational efficiency and performance. As previously mentioned in
a press release issued on February 11,
2020, Riot procured 4,000 S17 miners from Bitmain during
December 2019. As of mid-February,
the deployment of 4,000 S17s was completed at the Oklahoma City mining facility resulting an
overall hashrate of 240 petahash per second ("Ph/s"), consuming
approximately 12 megawatts of energy.
The Company plans to provide updates on monthly production
levels, commencing with a report shortly after the February 2020 production totals are reconciled.
Such production updates are anticipated to continue for at least
three months.
Strategic Partnership: To assist the Company in
evaluating its strategic growth opportunities, Riot has engaged XMS
Capital Partners. Headquartered in Chicago, XMS is an independent global
financial services firm with expertise in M&A and strategic
advisory. XMS will help Riot navigate the dynamic bitcoin landscape
and advise the Company on potential strategic transactions in
bitcoin mining related operations. The Company does not have a
defined timeline for any transaction and cannot provide any
assurance whether or when a transaction will may be announced or
consummated.
RiotX Exchange: In order to concentrate its focus on
cryptocurrency mining, Riot has opted to sunset further development
of Riot's U.S.-based digital currency exchange, known as the RiotX
Exchange ("RiotX"), originally initiated in early 2018. Riot
considered a number of factors when evaluating the RiotX decision
including, but not limited to, the evolving regulatory environment,
cybersecurity risks, and the current competitive landscape facing
U.S. based cryptocurrency exchanges. Riot is considering
opportunities to divest the limited assets associated with the
RiotX in the best interest of the Company and its stockholders.
About XMS Capital Partners
XMS Capital Partners,
established in 2006, is a global, independent financial services
firm providing investment banking, asset management and merchant
banking services to clients. It has offices in Chicago, Boston and London. XMS Capital Partners, LLC is a FINRA
member and SIPC member. XMS Capital Partners (UK) Limited is
authorized and regulated by the Financial Conduct Authority. For
more information about XMS, please visit www.xmscapital.com.
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. 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.