Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an
industry leader in vertically integrated Bitcoin (“BTC”) mining,
announces unaudited production and operations updates for April
2024.
Bitcoin Production and Operations
Updates for April 2024
|
|
|
|
|
|
Comparison (%) |
|
Metric |
|
April 2024 1 |
March 2024 1 |
April 2023 |
|
Month/Month |
Year/Year |
|
Bitcoin Produced |
|
375 |
425 |
639 |
|
-12% |
-41% |
|
Average Bitcoin Produced per Day |
12.5 |
13.7 |
21.3 |
|
-9% |
-41% |
|
Bitcoin Held 2 |
|
8,872 |
8,490 |
7,112 |
|
4% |
25% |
|
Bitcoin Sold |
|
- |
- |
600 |
|
N/A |
N/A |
|
Bitcoin Sales - Net Proceeds |
|
- |
- |
$17.6
million |
|
N/A |
N/A |
|
Average Net Price per Bitcoin Sold |
N/A |
N/A |
$29,263 |
|
N/A |
N/A |
|
Deployed Hash Rate 2 |
|
12.6
EH/s |
12.4
EH/s |
10.5
EH/s |
|
1% |
19% |
|
Average Operating Hash Rate |
|
8.8
EH/s |
8.6
EH/s |
7.9
EH/s |
|
3% |
11% |
|
Power Credits 3 |
|
$0.9
million |
$0.5
million |
$0.1
million |
|
77% |
542% |
|
Demand Response Credits 4 |
|
$1.2 million |
$0.8 million |
$1.6 million |
|
61% |
-23% |
|
|
|
|
|
|
|
|
|
|
- Unaudited, estimated.
- As of month-end.
- Estimated power curtailment
credits.
- Estimated credits received from
participation in ERCOT demand response programs.
“In April, Riot achieved a major milestone with
the energization of our second dedicated Bitcoin mining facility
located in Corsicana, Texas, which occurred just ahead of the
recent ‘halving’ on April 20th, 2024,” said Jason Les, CEO of Riot.
“We have already started to bring hash rate online in the first 100
MW building, Building A1, at our Corsicana Facility, and continue
to develop three additional 100 MW buildings which will be
completed this year. All of the buildings developed at this new
facility will operate latest-generation MicroBT immersion-cooled
miners.
“The development of the first 400 MW of
infrastructure at our Corsicana Facility is expected to bring
Riot’s self-mining capacity to 31 EH/s by the end of this year,
more than doubling our current hash rate capacity and enhancing
Riot’s operating efficiency as a result of the high-quality design
and immersion cooling systems which are being deployed there.
Following this development, the Corsicana Facility will still
retain an additional 600 MW of capacity available for future
development and growth of Riot’s Bitcoin mining operations.”
Infrastructure Update
Riot is currently developing Phase 1 of the
Company’s second large-scale facility, the Corsicana Facility,
which is expected to have 400 megawatts (“MW”) of developed mining
capacity upon completion of this initial phase. Once fully
developed, the Corsicana Facility is expected to have 1 gigawatt
(1,000 MWs) in total developed mining capacity.
In April, the 345 kV and 138 kV substations
totaling 400 MW of capacity were energized. These substations are
now supplying power to the Corsicana Facility. The structure of
Building A1 has been completed, and immersion tanks and dry coolers
have been installed to service the immersion systems within. Miners
will continue to be energized in Building A1 throughout the month
of May.
Development is also progressing on the second
100 MW building at the Corsicana Facility, Building A2, with the
concrete slab nearing completion and commencement of the building
construction underway. All miners for Building A2 have been
received on site. Development has also begun on the third 100 MW
building, Building B1, with the footers being poured during the
month of April.
Estimated Hash Rate Growth
Riot anticipates achieving a total self-mining
hash rate capacity of 31 EH/s by the end of 2024.
As previously disclosed, in June 2023, Riot
entered into a long-term master purchase agreement with MicroBT,
which included an initial order of 33,280 immersion miners for the
Corsicana Facility. Effective December 1, 2023, Riot executed a
second order under the MicroBT master agreement for an additional
66,560 immersion miners, primarily for the Corsicana Facility. In
February 2024, Riot entered into a third order with MicroBT, for
31,500 air-cooled miners for the Rockdale Facility. Approximately
17,000 miners in the third order are expected to replace
underperforming machines currently operating in the facility, and
the deployment of the remaining 14,500 miners will contribute
additional hash rate capacity to our self-mining operations at the
Rockdale Facility.
Collectively, the three purchase orders will add
an anticipated 28 EH/s to Riot’s self-mining capacity. Deployment
of the miners intended for the Corsicana Facility has begun and is
estimated to be completed by the second half of 2025. Deployment of
the miners intended for the Rockdale Facility is expected to begin
in Q2 2024 and be completed in Q3 2024.
Upon full deployment in 2025, Riot anticipates a
total self-mining hash rate capacity of 41 EH/s.
Conference Schedule:
- Bitcoin Asia in Hong Kong, on May
9th – 10th.
- D.C. Blockchain Summit, in
Washington D.C., on May 15th.
- B. Riley 24th Annual Institutional
Investor Conference held in Los Angeles, CA on May 22nd-23rd.
- Alliance Berstein 40th Annual
Strategic Decisions Conference held in New York, New York on May
29th.
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:
https://www.riotplatforms.com/careers.
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 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, 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 McPherson303-794-2000 ext.
110IR@Riot.Inc
Media Contact:Alexis Brock303-794-2000 ext.
118PR@Riot.Inc
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7543480b-64e4-44ab-8683-5ab748f9fc0dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/55bb1ec2-e0bf-4efd-b18b-ed5b59990e79
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