Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an
industry leader in Bitcoin (“BTC”) mining and data center hosting,
announces unaudited production and operations updates for July
Bitcoin Production and Operations
Updates for July 2023
|Average Bitcoin Produced
|Bitcoin Sales - Net
|Average Net Price per
|Deployed Hash Rate1
Demand Response Credits4,5
- As of end of
- Exahash per
second (“EH/s”). Excludes 17,040 miners that are offline as a
result of damage to Building G from the severe winter weather in
late December 2022 in Texas.
curtailment credits received from the Company’s ability, under its
long-term power contracts, to sell power back to the ERCOT grid at
market-driven spot prices.
- Credits received
from participation in ERCOT demand response programs.
- The Company
discloses this figure in its monthly updates if it exceeds $1
million for the current month.
- Power Credits
and Demand Response Credits for July 2023 are estimates.
“Riot had another strong month in July amidst
some of the most challenging operating months of the year, as
temperatures in Texas have soared,” said Jason Les, CEO of Riot.
“Riot’s self-mining operations mined 410 Bitcoin in the month of
July, while our power strategy generated $6.4 million in power
credits and $1.8 million in demand response credits. Our team was
able to navigate rapidly changing power market and Bitcoin mining
conditions in order to maximize value on a real time basis through
our power strategy.
“I’m also excited to announce that the
replacement dry coolers for repairing Building G have begun
shipping, with units beginning to arrive in August. The replacement
dry coolers are the final piece to the repairs in Building G and as
they are received and installed, miners will begin ramping back up.
Hash rate is expected to begin coming back online in the beginning
of September until it reaches full capacity of 2.4 EH/s over the
Estimated Hash Rate Growth
As previously disclosed, Riot is in the process
of repairing damage incurred in Building G during the severe winter
storm in Texas in December 2022, and Riot now anticipates achieving
a total self-mining hash rate capacity of 12.5 EH/s at its Rockdale
Facility in the second half of 2023.
The Company has also entered into a long-term
purchase agreement with MicroBT, which includes an initial order of
7.6 EH/s of next-generation Bitcoin miners for its Corsicana
Facility. Upon full deployment of this initial order by mid-2024,
Riot’s total self-mining hash rate capacity is expected to reach
Riot’s Power Strategy Helps to Stabilize
Texas Energy Grid During July Heat Wave
In July 2023, Texas experienced extreme heat,
causing demand for electricity to spike, in some cases extremely
close to available supply. On certain dates of peak demand, Riot
curtailed more than 90% of its power usage, temporarily forgoing
revenue from its Bitcoin mining operations and instead providing
energy resources to ERCOT. During these times, the Company’s
curtailment of operations meaningfully contributed to reducing
overall power demand to help ensure that consumers did not
experience interruptions in service.
Riot will report second quarter 2023 financial
results on Wednesday, August 9th after the market close.
Human Resources Update
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 outcomes.
Riot is a Bitcoin mining and digital
infrastructure company focused on a vertically integrated strategy.
The Company has data center hosting operations in central Texas,
Bitcoin mining operations in central Texas, and electrical
switchgear engineering and fabrication operations in Denver,
For more information, visit
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; the impact of weather events on our operations and
results; our ability to successfully deploy new miners; the
variance in our mining pool rewards may negatively impact our
results of Bitcoin production; megawatt (“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 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, 2022, 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.
Investor Contact:Phil McPherson303-794-2000 ext. 110
Media Contact:Alexis Brock303-794-2000 ext. 118
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