Riot Purchases 31,500 Miners From MicroBT to Enhance and Expand Self-Mining Operations at Its Rockdale Facility
February 27 2024 - 9:00AM
Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the
Company”), an industry leader in vertically integrated
Bitcoin (“BTC”) mining, announced today that it has entered into a
new purchase agreement (the “Agreement”) with Shenzhen MicroBT
Electronics Technology Co., LTD, through its manufacturing
subsidiaries, (“MicroBT”) a prominent manufacturer of Bitcoin
miners. Under the Agreement, Riot has purchased 31,500
next-generation M60S miners from MicroBT for a total consideration
of $97.4 million (exclusive of applicable taxes and fees and
adjustments), reflecting a rate of $16.50 per TH. From this new
order, 14,500 miners are set to be deployed in available capacity
at the Rockdale Facility. The remaining approximately 17,000 miners
from this order will replace underperforming machines at the
Rockdale Facility.
Miner deliveries are scheduled to occur in May
2024 and June 2024. Once the 31,500 miners are deployed, Riot's
Rockdale Facility's self-mining hash rate capacity will increase
from 12.4 EH/s to 15.1 EH/s by the end of July 2024.
The M60S miners purchased are MicroBT’s latest
generation air-cooled machines featuring an efficiency rating of
18.5 J/TH and produce approximately 186 TH/s per machine.
“We are excited to announce this new order of
latest-generation M60S miners from MicroBT, which has the dual
purpose of both increasing our deployed hash rate and improving our
operational efficiency,” said Jason Les, CEO of Riot. “Through our
team’s constant focus on improving operations at our Rockdale
Facility, we have identified currently deployed under-performing
machines best suited for replacement. Replacing these
under-performing miners with the new M60S model will have a
positive effect on both our operating uptime and energy efficiency,
as these are the most efficient miners ever produced by MicroBT.
The investment made in this purchase order strengthens our
commitment to be a leading low-cost miner and further enhances our
industry leading fleet into the future."
"The MicroBT team is excited to continue growing
our partnership with Riot with this new order of miners for its
Rockdale Facility,” said Jordan Chen, COO of MicroBT. “This is yet
another milestone in Riot's ambitious journey to build a 100+ EH/s
mining fleet in the coming years. MicroBT is honored to have been
chosen as a strategic partner by Riot for this remarkable
undertaking and will provide its unwavering support."
About MicroBT
(www.microbt.com)
MicroBT is a technology company based on
blockchain, focusing on the R&D, production and sales of
integrated circuit chips and products, and provides high
performance computing system solutions and technical service.
MicroBT has recently commenced its United States-based
manufacturing operations of Bitcoin mining hardware.
About WhatsMiner
(www.whatsminer.com)
is a leading brand of mining hardware and chip
design developed by MicroBT. As one of the most efficient and
cost-effective mining brands on the market, WhatsMiner is widely
used in retail and institutional mining by customers around the
world.
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, Colorado. For
more information, visit www.riotplatforms.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 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 Corsicana 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.
110IR@Riot.Inc
Media Contact:Alexis Brock303-794-2000 ext.
118PR@Riot.Inc
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0332537-8408-4567-b692-3066a7b06681
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