Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the
, an industry leader in Bitcoin (“BTC”) mining
and data center hosting, announces unaudited production and
operations updates for January 2023.
Bitcoin Production and Operations Updates for January
- Riot produced 740 BTC, an increase of approximately 62% as
compared to January 2022 production of 458 BTC.
- Riot held approximately 6,978 BTC as of January 31, 2023, all
produced by the Company’s self-mining operations.
- Riot sold 700 BTC, generating net proceeds of approximately
- Riot had a deployed fleet of 82,656 miners, with a hash rate
capacity of 9.3 exahash per second (“EH/s”), as of January 31,
- Riot’s deployed fleet excludes 17,040 miners that are offline
as a result of damage to Building G from the severe winter weather
in late December in Texas.
“I am proud to announce that Riot’s track record with
month-over-month increases in total Bitcoin production continued,
with a new all-time high of 740 Bitcoin produced in January.
Despite a reduction in our deployed fleet and hash rate capacity
driven by recent damage to our Rockdale Facility, Riot has
continued to deliver new record highs, mining more Bitcoin in
January than in any month prior,” said Jason Les, CEO of Riot.
“As previously disclosed, some sections of piping in Buildings F
and G were damaged during the severe winter storms in Texas in late
December, impacting approximately 2.5 EH/s of our hash rate
capacity. Repairs have been ongoing in both buildings, and we have
successfully brought Building F back online, representing 0.6 EH/s
of impacted hash rate capacity. We are thankful for our team’s
progress, despite difficult weather conditions, and are evaluating
several options to bring online the approximately 1.9 EH/s of hash
rate capacity still affected in Building G.
“Unfortunately, as a result of this damage, our previously
announced target of reaching 12.5 EH/s in total hash rate capacity
in Q1 2023 is expected to be delayed. We will provide additional
updates as we obtain greater clarity on the impact to our planned
deployment schedule. In the meantime, the remaining infrastructure
build-out at our Rockdale Facility continues to progress, with
Building E now at 50% completion and on track to be fully completed
this quarter, and we are continuing to execute on the expansion at
our Corsicana Facility.”
Mining Deployment and Shipment Update
During the month of January, Riot received 5,130 new S19-series
miners, deployed 6,912 S19-series miners, and ended the month with
approximately 1,152 miners staged for deployment. Upon deployment
of the staged miners, the Company expects to have a total of 83,808
miners deployed (which excludes 17,040 miners currently offline in
Building G) with a hash rate capacity of approximately 9.4
The receipt of January’s miner shipment concludes all of Riot’s
miner purchase agreements with Bitmain Technologies Ltd. The
Company is currently evaluating options for utilizing planned
capacity at its Corsicana facility for further hash rate
Last month, Riot announced that Building D, one of the Company’s
air-cooled buildings, had reached completion with miners deployed.
Along with the completion of Building D, external water systems
continue development to enhance the building’s evaporative cooling
system. Riot’s construction and engineering teams continue to work
on Building E, with the installation of external wall louvers,
interior water frames, and electrical testing.
Estimated Hash Rate Growth
Due to the ongoing impact of damage incurred to Buildings F and
G during the severe winter storms in Texas in late December, Riot
currently anticipates a delay to our previously stated goal of
achieving a total self-mining hash rate capacity of 12.5 EH/s in Q1
2023, which assumed full deployment of approximately 113,520
Antminer ASICs. The Company is evaluating its repair options and
will provide additional information on deployment timelines as it
Riot is currently recruiting for positions across the Company.
Join our team in building, expanding, and securing the Bitcoin
network. Open positions are available at:
About Riot Platforms, Inc.
Riot’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 electrical switchgear
engineering and fabrication operations in Denver, Colorado.
For more information, visit www.riotplatforms.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 Platforms, Inc
Riot Platforms, Inc.
303-794-2000 ext. 110
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