Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot
Blockchain” or “the Company”), an industry leader in
Bitcoin (“BTC”) mining and hosting, announces monthly BTC
production and operations updates for November 2021, including a
further increase in estimated self-mining hash rate capacity for
2022, updates to the status of miner shipments and deployment, and
updates on the 400 megawatts (“MW”) infrastructure expansion at the
Company’s Whinstone US, Inc., (“Whinstone”) facility in Rockdale,
Texas (the “Whinstone Facility”).
Production Updates
- In November 2021, Riot produced 466 BTC, an increase of
approximately 298% over its November 2020 production of 117
BTC.
- Year to date through November 2021, the Company produced 3,387
BTC, an increase of approximately 262% over its BTC production
during the same 2020 period of 935 BTC.
- As of November 30, 2021, Riot held approximately 4,464 BTC, all
produced by the Company’s self-mining operations.
- Riot currently has a deployed fleet of approximately 29,095
miners, with a hash rate capacity of 3.0 exahash per second
(“EH/s”).
Riot intends to continue providing monthly operational updates
and unaudited production results for the foreseeable future or
until otherwise disclosed. These updates are intended to keep
shareholders informed of the Company’s progress with regards to the
execution of the previously announced growth in Riot’s hash rate
and to keep investors apprised of the Company’s development of
Bitcoin mining infrastructure critical to de-risking future
growth.
Mining Purchase Order and Increase in Estimated Hash
Rate for 2022
Riot recently executed a $33 million purchase order with Bitmain
Technologies Limited (“Bitmain”) for 3,000 of their latest miner
model S19XP (140 TH/s) with an anticipated delivery and deployment
schedule set for July 2022 through December 2022. As a result of
this purchase order, the Company anticipates having approximately
93,150 Antminers in operation, utilizing approximately 293 MW of
energy, by Q4 2022.
Also, as a result of this purchase order, Riot has increased its
2022 estimated hash rate capacity to 9.0 EH/s, representing an
increase of approximately 0.4 EH/s over the Company’s previously
announced estimate of 8.6 EH/s. The increase in the estimated hash
rate to 9.0 EH/s does not include any potential incremental
production benefits from Riot’s previously announced build-out of
200 MW of immersion-cooled infrastructure at the Whinstone
Facility.
Miner Deployment and Shipment Updates
In November, shipments of 5,886 S19Js previously purchased
miners were received, and an additional 4,284 S19Js are scheduled
to arrive at Riot’s Whinstone Facility in December 2021. While
global logistics issues are impacting some miner shipment
schedules, the effects to the Company to date have not been
material, and Riot remains in close communication with Bitmain and
logistics providers working to mitigate delays where possible.
The Company began deployments of miners in its newly constructed
immersion-cooled Building F in November 2021 and expects to deploy
approximately 7,600 additional miners in Building F by the end of
December 2021. By the end of December 2021, Riot anticipates that
it will have a total of approximately 36,700 Antminers in
operation, utilizing approximately 117 MW of energy, with an
estimated hash rate capacity of 3.7 EH/s.
Infrastructure Update
In November 2021, Riot’s 400 MW expansion at the Whinstone
Facility hit multiple progress milestones while navigating the
challenges with the current state of the global supply chain.
Progress during the month included the completion of the substation
expansion to 700 MW, successful installation of the substation
busbar, and 400 MW of high-voltage transformers. Whinstone also
completed construction of Building F, Riot’s first self-mining
building dedicated to immersion-cooled Bitcoin mining, while also
advancing on its second immersion-cooled dedicated building,
Building G.
2022 Estimated Hash Rate
By Q4 2022, Riot anticipates a total self-mining hash rate
capacity of 9.0 EH/s, assuming full deployment of approximately
93,150 Antminer ASICs but excluding any potential expected
incremental productivity gains from the Company’s utilization of
200 MW of immersion-cooling infrastructure. Approximately 96%
of Riot’s self-mining fleet will consist of the latest generation
S19 series miner model. Upon full deployment of all currently
contracted for miners, the Company’s total self-mining fleet is
expected to consume approximately 293 MW of energy. In addition to
the Company’s self-mining operations, Riot’s Whinstone Facility
hosts approximately 200 MW of institutional Bitcoin mining
clients.
Conference Schedule
Riot will participate in the B. Riley Securities Crypto
Conference in New York, New York, on Wednesday, December 8,
2021.
Human Resources
As Riot continues to scale, the Company is proud to announce
personnel changes, including the hiring of Director of Human
Resources, Emma Norris, Lead Software Engineer, Abrahan Chavez, and
Director of SOX Compliance, Kevin Haugen.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and
through Whinstone, its subsidiary, hosting Bitcoin mining equipment
for institutional clients. The Company is expanding and upgrading
its mining operations through industrial-scale infrastructure
development and latest-generation miner procurement. Riot’s
headquarter is located in Castle Rock, Colorado, and the Whinstone
Facility operates out of Rockdale, Texas. The Company also has
mining equipment operating in upstate New York under a co-location
hosting agreement with Coinmint, LLC. For more information, visit
www.RiotBlockchain.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 are made in reliance 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. Forward-looking statements may
never materialize or may prove to be incorrect. Actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements due to various risks
and uncertainties. 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 BTC
production; our future hash rate growth (EH/s); our expected
schedule of new miner deliveries; our ability to successfully
deploy new miners; MW capacity under development; 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 other factors that
may cause actual results to differ materially from those expressed
or implied by statements in this press release may be found in the
Company’s filings with the U.S. Securities and Exchange Commission
(the “SEC”), including in 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, 2020, and our other filings with the SEC, including,
but not limited to the additional risk factors set forth in the
Company’s Current Report on Form 8-K filed with the SEC on May 26,
2021, copies of which may be obtained from the SEC’s website
at 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 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
forward-looking statements.
- Image of Building F at Riot's Whinstone Facility
- Riot Hash Rate Growth Updated As Of November 2021
Trystine Payfer
Riot Blockchain, Inc.
303-794-2000 ext. 118
PR@riotblockchain.com
Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
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