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 May
Bitcoin Production and Operations Updates
- In May 2022, Riot produced 466 BTC, an increase of
approximately 104%, as compared to May 2021 production of 228
- As of May 31, 2022, Riot held approximately 6,536 BTC, all
produced by the Company’s self-mining operations.
- In May 2022, Riot sold 250 Bitcoin generating net proceeds of
approximately $7.5 million.
- Riot currently has a deployed fleet of approximately 43,458
miners, with a hash rate capacity of 4.6 exahash per second
“During May, we continued to make progress on the ongoing
expansion of our Whinstone Facility in Rockdale, TX,” said Jason
Les, CEO of Riot. “We’re proud to report that our first immersion
building, Building F, is filled with approximately 23,000 S19
series miners. Approximately 7,000 of those miners are staged in
the immersion-cooling tanks and are anticipated to be deployed
pending installation of the final requisite components. Once these
miners and other staged miners are fully deployed, our hash rate
capacity is expected to increase to 5.4 EH/s.
Additionally, we are initiating a project to refurbish our fleet
of S17-Pro Antminers to improve their overall hash rate and
efficiency. These enhancements are made possible by the improved
operating environment facilitated by our immersion-cooling
technology. While undergoing the refurbishing process, our
fully-depreciated fleet of 4,000 S17-Pro miners will be temporarily
decommissioned. These 4,000 miners will no longer be counted in our
deployed fleet figure, and their corresponding 225 PH/s of hash
rate will no longer be counted in our hash rate capacity
Mining Deployment and Shipment Update
Since its last monthly update, Riot received an additional 1,701
new S19j Pros, deployed approximately 1,086 S19j Pros in its
immersion-cooled building with an additional 7,855 miners staged
for deployment. Upon deployment of the staged miners, the Company
expects to have a total of 51,313 miners deployed with a hash rate
capacity of approximately 5.4 EH/s.
During May, progress continued at Riot’s 400 megawatt (“MW”)
infrastructure expansion project at the Whinstone Facility in
Rockdale, Texas. The construction of the structure and exhaust
louvres for Building D is now complete, and installation of its
intake louvres for air-cooling will now commence. Further
completions include the installation of all low and medium voltage
switchgear for Building D.
The second air-cooled building in the expansion, Building E, is
advancing towards completion of its roofing and structure.
Additionally, installation of all its medium voltage transformers
has been completed.
The final power systems in Building F, Riot’s first
immersion-cooled building, have been commissioned, and all miners
have been placed.
In the Company’s second immersion-cooled building, Building G,
immersion-cooling tanks continue to be installed. Installation of
all medium voltage transformers for Building G is now complete.
Estimated Hash Rate Growth
By January 2023, Riot anticipates a total self-mining hash rate
capacity of approximately 12.6 EH/s, assuming full deployment of
approximately 116,150 Antminer ASICs, but excluding any potential
expected incremental productivity gains from the Company’s
utilization of 200 MW of immersion-cooling infrastructure, which is
approximately 50% complete. Approximately 100% 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.
The Company is pleased to announce Jason Chung as Head of
Corporate Development. In this role, Mr. Chung will be responsible
for the overall coordination of Riot’s corporate development,
capital markets and investor relations related efforts.
Mr. Chung joins the Company following a nearly two-decade long
career in investment banking, most recently as Managing Director,
M&A with Nomura in Hong Kong where he advised global clients on
cross-border transactions primarily in the technology sector. Over
the course of his investment banking career, Mr. Chung has advised
on nearly $20 billion in strategic transactions, built and grown
advisory teams, and has worked in both New York and Hong Kong. Mr.
Chung is a CFA charter holder and holds a Bachelor of Commerce
degree from the University of Toronto.
Riot Blockchain will be presenting at the following upcoming
- D.A. Davidson Bitcoin & Blockchain Conference on June 2nd
in New York City, NY.
- Digital Assets Council of Financial Professionals Vision
Conference on June 8th in Austin, TX.
About Riot Blockchain, Inc.
Riot Blockchain’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
Riot is a Bitcoin mining and digital infrastructure company
focused on a vertically integrated strategy. The Company has
Bitcoin mining data center operations in central Texas, Bitcoin
mining operations in central Texas and upstate New York, and
electrical switchgear engineering and fabrication operations in
For more information, visit www.RiotBlockchain.com.
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 Navarro site expansion; our
expected schedule of new miner deliveries; our ability to
successfully deploy new miners; M.W. 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, 2021, 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.
- Riot's Whinstone Facility
- Riot Blockchain Hash Rate Capacity Growth Updated May 2022
Riot Blockchain, Inc.
303-794-2000 ext. 118
Riot Blockchain, Inc.
303-794-2000 ext. 110
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