Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot
Blockchain” or “the Company”), an industry leader in
Bitcoin (“BTC”) mining and hosting, announces production and
operations update for March 2022, status of miner shipments and
deployment, and updates on the 400 megawatt (“MW”) infrastructure
expansion at the Company’s Whinstone US, Inc., (“Whinstone”)
facility in Rockdale, Texas (the “Whinstone Facility”).
“I am proud of the Riot team for producing a record amount of
Bitcoin during the month of March,” said Jason Les, CEO of Riot.
“These results demonstrate the advantages of employing a vertically
integrated strategy, which provide the Company with more control
over miner deployment and the ability to implement engineering
solutions in real-time, leading to improved operational and
financial efficiencies.”
Production Updates
- In March 2022, Riot produced 511 BTC, an increase of
approximately 176%, as compared to March 2021 production of 185
BTC.
- Riot currently has a deployed fleet of approximately 42,919
miners, with a hash rate capacity of 4.3 exahash per second
(“EH/s”).
Riot intends to continue providing monthly operational updates
and unaudited production results for the foreseeable future or
until otherwise disclosed. These updates are intended to keep
shareholders informed of the Company’s progress regarding the
execution of the previously announced growth in Riot’s hash rate
and to keep investors apprised of the Company’s development of its
Bitcoin mining infrastructure, which the Company believes is
critical to de-risking its future growth plans.
Bitcoin Treasury Management Update
- As of March 31, 2022, Riot held approximately 6,062 BTC, all
produced by the Company’s self-mining operations.
- In March 2022, Riot sold 200 Bitcoin at an average sales price
of approximately $47,090. Proceeds from the sale equated to
approximately $9.4 million.
- Riot is monitoring its balance sheet on an ongoing basis,
evaluating the level of Bitcoin retained from monthly production in
consideration of operational and expansion cash requirements. The
Company continues to hold a long-term view on its Bitcoin holdings
and believes it is in the best interest of shareholders to have
strong Bitcoin holdings on its balance sheet.
Mining Deployment and Shipment Update
Since its last monthly update, Riot received an additional 1,080
new S19j Pros, deployed approximately 4,440 S19j Pros in its
immersion-cooled building, pictured above, along with 5,030
additional miners staged for deployment. Additionally, 5,430 S19j
Pros have been shipped from Bitmain and are expected to be received
during April 2022. Once the staged miners and those from the April
delivery are deployed, the Company expects to have a total of
53,379 miners deployed with a hash rate capacity of approximately
5.4 EH/s.
Infrastructure Update
Throughout the month of March, Riot’s digital infrastructure
expansion project at the Whinstone Facility has continued to make
progress. Buildings D and E, both employing air-cooled technology,
are nearing completion. The electrical installation process in both
buildings has begun; the louvres have been placed in D and the roof
installment has begun in E.
Buildings F and G, both employing the Company’s state-of-the-art
immersion-cooling technology, have continued progress with miners
being deployed in Building F, and with electrical equipment
installation nearing completion.
Building X, Riot’s Employee Training and Health & Safety
Center, received wall panels and insulation, reaching approximately
80% completion.
Overall site conditions and ancillary projects pertaining to
watershed management, landscaping and soil retention continue to be
thoughtfully designed and monitored to ensure the efficacy and
longevity of the Company’s current and future operations.
Estimated Hash Rate
Growth
By January 2023, Riot anticipates a total self-mining hash rate
capacity of 12.8 EH/s, assuming full deployment of approximately
120,150 Antminer ASICs, but excluding any potential expected
incremental productivity gains from the Company’s utilization of
200 MW of immersion-cooling infrastructure. Approximately 97% of
the Company’s self-mining fleet will consist of the latest
generation S19 series miner model. Upon full deployment of all
currently contracted miners, the Company’s total self-mining fleet
will consume approximately 370 MW of energy. In addition to the
Company’s self-mining operations, Riot hosts approximately 200 MW
of institutional Bitcoin mining clients.
Human Resources
The Company is proud to announce further growth within its
corporate office, including the hiring of eight new employees
within the following departments: Human Resources, IT, Legal,
Communications, and Finance.
Additionally, Riot is pleased to share the hiring and promotion
of several lead team members at its Whinstone Facility, the largest
employer in Milam County, Texas, in the following departments: Data
Center Technicians, Miner Maintenance Technicians, EPC Technicians,
and Equipment Maintenance Technicians.
Conference Schedule
Riot leadership is speaking at the Bitcoin 2022 conference held
on April 5 to 9 in Miami, and the Cowen Bitcoin Mining Summit, a
virtual event to be held on April 12.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and
through Whinstone, its subsidiary, hosting Bitcoin mining equipment
for institutional clients. The Company is expanding and upgrading
its mining operations through industrial-scale infrastructure
development and latest-generation miner procurement. Through Riot’s
subsidiary ESS Metron, the Company engineers and manufacturers
electrical equipment solutions for Bitcoin mining and other
industries. The Company’s headquarters is in Castle Rock, Colorado,
and the Whinstone Facility operates in Rockdale, Texas. Riot also
has mining equipment operating in upstate New York under a
co-location hosting agreement with Coinmint, LLC. For more
information, visit www.RiotBlockchain.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 are made in reliance 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); our
expected schedule of new miner deliveries; our ability to
successfully deploy new miners; 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 other factors that
may cause actual results to differ materially from those expressed
or implied by statements in this press release may be found in the
Company’s filings with the U.S. Securities and Exchange Commission
(the “SEC”), including in 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, 2021, and our other filings with the SEC, copies of
which may be obtained from the SEC’s website
at 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 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 rely on forward-looking
statements.
- Riot Blockchain Hash Rate Capacity Growth Updated March of
2022
- Riot's Immersion-Cooled Dedicated Building F
Trystine Payfer
Riot Blockchain, Inc.
303-794-2000 ext. 118
PR@riotblockchain.com
Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
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