CASTLE ROCK, Colo.,
May 5, 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 its
production update for the month of April
2020.
- During April 2020, the Company
produced 108 newly mined bitcoins ("BTC") with its new Bitmain S17s
being fully deployed for the entire month of April 2020.
- Riot's BTC inventory increased by 13% since March 31, 2020 to 929 BTC as of April 30, 2020.
- The Company is currently operating approximately 4,000 S17s
with an aggregate hashing power capacity of 248 Petahash per second
("PH/s") between the Riot Oklahoma City,
Oklahoma and the Coinmint Massena,
New York locations.
- As announced April 30, 2020, Riot
purchased an additional 1,000 Bitmain Antminer S19 Pros and expects
delivery by early July 2020. Once
received and deployed, Riot estimates its aggregate operating hash
rate will increase by 46% to approximately 358 PH/s.
Riot successfully transported an initial batch of 300 miners
from its facility in Oklahoma City,
Oklahoma to Coinmint's facility in Massena, New York. This initial batch of
miners was fully operational by April 19,
2020. The Coinmint facility is expected to result in
improved efficiency and potentially expanded hashing capacity. Riot
is using this initial batch of 300 miners to validate its
expectations.
Ashton Soniat, CEO of Coinmint
stated, "Coinmint has expanded our co-hosting services to meet the
needs of first-in-class cryptocurrency mining companies and we are
excited to partner with Riot Blockchain. With the upcoming halving,
Coinmint's low-cost electricity and 120MW of capacity will allow
Riot to continue to grow operations even as bitcoin rewards are
reduced."
Bitcoin Halving Update: On May 12,
2020 the bitcoin halving is expected to occur, which is an
event that halves the rate at which new BTC are awarded (created).
The event occurs once every 210,000 blocks (approximately every
four years). Currently, a block reward equals 12.5 BTC, and that
will decrease to 6.25 BTC upon the halving. The upcoming bitcoin
halving affects both the production and future supply of BTC.
Historically, the value of bitcoin post-halving, over time has
increased. However, the potential effects of the bitcoin halving
are unknown.
COVID-19 Update: As published in its previous
disclosures, Riot is continuing to closely monitor COVID-19 and its
potential impact on the Company's workforce, operations, finance
and liquidity. To date, the impact has remained minimal.
About Coinmint, LLC
Coinmint operates a digital currency data center in a former Alcoa
Aluminum smelter in Massena, New
York. At 435MW of transformer capacity at its Massena complex, the facility's capacity is
three times larger than any other known operating digital currency
data center. The facility has been operational since May 2018. Given the abundance of hydroelectric
and wind generation in the area, the experience of its management
team in wholesale electricity markets, and the large capacity,
Coinmint has a material electrical economic advantage. For more
information, visit www.coinmint.one.
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 primary mining facility is
located in Oklahoma City,
Oklahoma. 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/riot-blockchain-announces-april-2020-production-update-301053379.html
SOURCE Riot Blockchain, Inc.