Riot Energizes New Corsicana Facility in Navarro County, Texas
April 18 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 successfully energized the substation
at the Company’s Corsicana Facility.
“Two years ago, we purchased 265 acres of land
in Navarro County, Texas, driven by our vision to build the world's
largest Bitcoin mining facility, and today, we have achieved a new
milestone in turning that vision into a reality with the
energization of our Corsicana Facility," said Jason Les, CEO of
Riot. "This landmark achievement highlights our team's unwavering
dedication and collaborative effort over the past two years. With
the Corsicana Facility's 400-megawatt substation now operational,
we remain well on track to increase our self-mining hash rate
capacity to 31 EH/s by the end of 2024, which will represent a
significant increase in our operational capabilities. We are
excited about the incredible pipeline for growth the Corsicana
Facility provides over the next several years, and we look forward
to further executing on that plan.”
Riot’s Corsicana Facility will have a total
capacity of 1 GW when fully developed, at which point it is
expected to be the largest known Bitcoin mining facility in the
world by developed capacity. The recently energized substation will
power the initial 400 MW phase of development of the Corsicana
Facility. This initial phase is expected to add 16 EH/s to Riot’s
self-mining capacity by the end of 2024. The first batch of miners
in the first 100 MW building, Building A1, have been installed and
are already hashing, and miners will continue to be deployed in
Building A1 until a total capacity of 3.7 EH/s is reached.
The remaining buildings in the first phase,
Buildings A2, B1, and B2, are set to progressively become
operational over the next several months and are expected to add an
additional 12 EH/s to Riot’s self-mining capacity, which is
expected to total 31 EH/s by the end of 2024.
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 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 Company’s plans, objectives, expectations, and intentions. 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; potential negative impacts on
our results of Bitcoin production due to the variance in our mining
pool rewards; megawatt (“MW”) capacity under development; our
potential inability to realize the anticipated benefits from
immersion cooling; our ability to access sufficient additional
capital for future strategic growth initiatives; the possibility
that 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; the anticipated impacts
of the Bitcoin “halving”; 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, 2023, 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
McPherson 303-794-2000 ext.
110 IR@Riot.Inc
Media Contact: Alexis
Brock 303-794-2000 ext.
118 PR@Riot.Inc
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c6e1e9a4-af29-4aa0-ae53-bd0696c5057b
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