CASTLE ROCK, Colo.,
April 30, 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 the purchase of 1,000 next generation
Bitmain S19 (110 TH) Pro Antminers for USD $2.4 million from BitmainTech PTE. LTD.
("Bitmain"). This purchase is another step in the Company's recent
strategic initiatives and was funded from Riot's available cash on
hand.
The latest generation of bitcoin ("BTC") Application-Specific
Integrated Circuit ("ASIC") miners from Bitmain are markedly more
energy efficient than prior Bitmain models and other ASIC miners
currently available. The Bitmain Antminer S19 Pro boasts a hash
rate of 110 TH/s and an energy efficiency of 29.5±% 5 joules per
terahash (J/TH). Once the new S19s are received and fully deployed,
Riot estimates its aggregate operating hash rate will increase by
46% to approximately 358 petahash per second ("PH/s"). Riot
anticipates receiving the S19s by early July.
"Bitmain has been working with Riot Blockchain for several
years, the company has been using our Antminer products for
operating their data centers, and soon to be utilizing the latest
technologies we have in our product line-up, the S19 series."
Bitmain's North American Team further stated, "We are confident
with the continued cooperation and growth they have as they further
expand their operations in the mining sector."
COVID-19 Pandemic Update: Per the press release issued on
April 14, 2020, Riot is continuing to
monitor COVID-19 and its potential impact on the Company's
workforce, operations, finance and liquidity. To date, the impact
has remained minimal.
About Bitmain
Bitmain Technology Holding Company ("Bitmain") is a
multinational semiconductor company with state-of-the-art IC design
capabilities. Bitmain offers products, including chips, servers,
and cloud solutions, for blockchain and artificial intelligence
(AI) applications. Bitmain has shipped billions of ASICs,
accounting for 75% of the global market. Being one of the world's
few companies with the capability to develop cloud-based AI chips,
Bitmain has successfully released four generations of its AI
chip. For more information, visit http://www.bitmain.com.
About Riot Blockchain
Riot Blockchain is focused on building, operating, and
supporting blockchain technologies. Its primary operations consist
of cryptocurrency mining, targeted development of a cryptocurrency
exchange, and the identification and support of innovations within
the sector. For more information, visit
http://www.RiotBlockchain.com/.
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 1A of our most recent Form 10-K for
the fiscal year ended December 31,
2018 filed with the Securities and Exchange Commission (the
"SEC") on April 2, 2019, as amended
by Amendment No. 1 on Form 10-K/A on April
23, 2019, as well as those risk factors disclosed in any
periodic reports we file with the SEC. If any of these risks were
to occur, our business, financial condition or results of
operations would likely suffer. In that event, the value of our
securities could decline, and you could lose part or all of your
investment. The risks and uncertainties we describe are not the
only ones facing us.
Additional risks not presently known to us or that we currently
deem immaterial may also impair our business operations. In
addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. See "Safe Harbor"
below.
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.