Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot
Blockchain” or “the Company”), an industry leader in
Bitcoin (“BTC”) mining and hosting, announces production and
operations update for January 2022, updates to the status of miner
shipments and deployment, updates on the 400 megawatt (“MW”)
infrastructure expansion at the Company’s Whinstone US, Inc.,
(“Whinstone”) facility in Rockdale, Texas (the “Whinstone
Facility”), and an update on remaining flexible for the ERCOT power
grid stabilization.
“Riot is well-positioned for continued growth and production in
2022,” said Jason Les, CEO of Riot Blockchain. “We are pleased to
share that miner deployments in one of our immersion-cooled
buildings are now fully underway. We have refined our process for
driving immersion-based miner installations and are now initiating
tests on productivity enhancements supported by this cooling
technology. We expect to see increases in our hash rate capacity as
we continue to execute on deployments in the newly completed
Building F and the soon to be completed, Building G.
Additionally, we have been closely monitoring the current
weather conditions in Texas and the potential impact they may have
on the supply and demand of energy in the ERCOT grid. As the
largest Bitcoin miner by developed capacity in Texas, Riot is
currently curtailing its Bitcoin mining operations at the Whinstone
Facility. Riot employs nearly 200 full-time team members at the
Whinstone Facility, in addition to another 400 contractors, in
Rockdale, TX, and we deeply value our relationship with the
surrounding community and broader state of Texas.”
Production Updates
- In January 2022, Riot produced 458 BTC, an increase of
approximately 252%, as compared to the January 2021 production of
130 BTC.
- As of January 31, 2022, Riot held approximately 5,347 BTC, all
produced by the Company’s self-mining operations.
- Riot currently has a deployed fleet of approximately 32,552
miners, with a hash rate capacity of 3.4 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 regarding 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 Deployment and Shipment Updates
Since its last monthly update, the Company deployed
approximately 3,000 S19j Pros, with 7,924 additional miners staged
for deployment. Additionally, 5,768 S19j Pros have been shipped
from Bitmain and are expected to be received during February 2022.
Once the staged miners and those from the February delivery are
deployed, Riot expects to have a total of 46,244 miners deployed
with a hash rate capacity of approximately 4.7 EH/s.
Global logistics issues have impacted some miner shipment
schedules, including a delayed January shipment that has been
pushed into the month of February. Riot remains in close
communication with Bitmain and logistics providers working to
mitigate delays where possible.
Infrastructure Update
In preparation for future potential expansion opportunities,
Riot has secured six additional 100 MW high-voltage transformers,
and forty 2.5 MW medium voltage transformers, which are currently
in inventory. The Company is evaluating leveraging its development
expertise and operational efficiencies to further expand its
Bitcoin mining capacity.
Riot’s 400 MW infrastructure expansion now includes one-third of
completion for Building G, Riot’s second immersion-cooled dedicated
building, along with Building D, a state-of-the-art, air-cooled
Bitcoin mining building. Additionally, Building E, the fourth
state-of-the-art, air-cooled Bitcoin mining building has reached
one-fourth of completion.
2022 Estimated Hash Rate
By Q4 2022, Riot anticipates a total self-mining hash rate
capacity of 12.8 EH/s, assuming full deployment of approximately
120,150 Antminer ASICs, but excluding any potential expected
incremental productivity gains from the Company’s utilization of
200 MW of immersion-cooling infrastructure. Approximately 97% of
Riot’s self-mining fleet will consist of the latest generation S19
series miner model. Upon full deployment of all currently
contracted miners, the Company’s total self-mining fleet will
consume approximately 370 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.
Bitcoin Treasury Management
Riot is monitoring its balance sheet on an ongoing basis,
evaluating the level of Bitcoin retained from monthly production in
consideration of operational and expansion cash requirements. The
Company continues to hold a long-term view on its Bitcoin holdings
and believes it is in the best interest of shareholders to have
strong Bitcoin holdings on its balance sheet.
Human Resources
The Company is proud to announce personnel changes to the
corporate office, including the hiring of Ashley Lewis, as Director
of IT.
2021 Annual Financial Statement Filing
Due to its market value, Riot is now a large-accelerated filer
as defined by the Securities and Exchange Commission. As a result,
the statutory filing deadline for the Company’s annual report on
Form 10-K is March 1, 2022.
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
headquarters is 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. Due to
various risks and uncertainties, the actual results and the timing
of events could differ materially from those anticipated in such
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 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 outlined 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 rely on forward-looking
statements.
- Riot Hash Rate Capacity Growth Updated January 2022
- Riot Infrastructure Progress January 2022
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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