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 February 2022, status of miner shipments and
deployment, and updates on the 400 megawatt (“MW”) infrastructure
expansion at the Company’s Whinstone US, Inc., (“Whinstone”)
facility in Rockdale, Texas (the “Whinstone Facility”).
“Throughout the month of February Riot has continued to make
progress on the first phase of its 200 MW immersion-cooled Bitcoin
mining deployment, with over 10,000 S19j Pro Antminers now deployed
in immersion-cooling tanks,” said Jason Les, CEO of Riot
Blockchain. “We have begun the performance evaluation process, and
will be monitoring our immersion performance data closely over the
next 60 days. As our team continues to build out our immersion
operation, we are evaluating and assessing future opportunities to
further leverage our expertise in immersion-cooling development and
deployment.”
Production Updates
- In February 2022, Riot produced 436 BTC, an increase of
approximately 189%, as compared to February 2021 production of 179
BTC.
- As of February 28, 2022, Riot held approximately 5,783 BTC, all
produced by the Company’s self-mining operations.
- Riot currently has a deployed fleet of approximately 38,310
miners, with a hash rate capacity of 3.9 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 its
Bitcoin mining infrastructure, which the Company believes is
critical to de-risking its future growth plans.
Mining Deployment and Shipment Updates
Since its last monthly update, Riot received an additional 5,454
new S19j Pros, deployed approximately 5,800 S19j Pros in its
immersion-cooled building, along with 8,559 additional miners
staged for deployment. Additionally, 3,404 S19j Pros have been
shipped from Bitmain and are expected to be received during March
2022. Once the staged miners and those from the March delivery are
deployed, the Company expects to have a total of 50,273 miners
deployed with a hash rate capacity of approximately 5.0 EH/s.
Infrastructure Update
During February 2022, Riot continued to build on the progress
made towards the completion of its previously announced 400 MW
expansion project. Despite interruptions related to severe winter
storms affecting central Texas, the Company’s best-in-class
development team advanced on the installation of several critical
infrastructure support systems.
Riot’s immersion-cooled Bitcoin mining progress includes
Building F, the first erected immersion-cooled dedicated building,
now with over 10,000 S19j Pros deployed.
In addition to the second dedicated immersion-cooled Building G,
reaching 50% of structural completion, with an estimate of the
first miners being deployed in the immersion systems by April 2022,
to begin building out to the full capacity of approximately 23,040
Bitcoin miners.
Building D, an air-cooled state-of-the-art building is over 50%
complete, with the roof now installed, simply awaiting the arrival
and installation of the louvers.
Building E, another air-cooled state-of-the-art building and
Building X, the Company’s Employee Training and Health and Safety
Center, have continued progressing including the completion of pads
for switchboards, and transformers, and the installation of the
steel structure frames.
Completion of the buildings and critical infrastructure remains
on schedule for completion by Q2 2022, with the final components of
the buildout being completed in parallel with miner shipments.
2022 Estimated Hash Rate
By January 2023, Riot anticipates a total self-mining hash rate
capacity of 12.8 EH/s, assuming full deployment of approximately
120,000 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.
2021 Annual Financial Report Filing
As previously reported, Riot became a large accelerated filer
for the first time for its 2021 Annual Report.. As a result, the
statutory filing deadline for the Company’s Annual Report on Form
10-K was March 1, 2022. Due to the complexities of reporting on two
large acquisitions, one completed in December 2021, and required
expanded procedures and disclosures as a large accelerated filer,
the Company filed a Form 12b-25 with the Securities and Exchange
Commission, providing until March 16, 2022, for its Form 10-K
filing.
Expansion Evaluation and Planning
Riot is currently evaluating a number of possible expansion
opportunities to continue to expand while building a comprehensive
platform supporting the Bitcoin network, that is in the best
interest of our shareholders and the community we operate in.
Human Resources
The Company is proud to announce personnel changes to the
corporate office, including the hiring of IT Technician, Jahaira
Alaniz, and Business Process Analyst, Joey Jaraczewski.
Additionally, Riot is pleased to share that its Whinstone
Facility, the largest employer in Milam County, Texas, has hired
and promoted several lead team members in the following
positions:
- Building Supervisor
- Logistics Coordinator
- Project Coordinator
- Construction Supervisor
- Operations HSE Field Safety Coordinator
- Security and Risk Manager
- Shop Supervisor
- Administrative Assistant
- Accounting Admin
Conference Schedule
Riot will participate in the following investor events during
March 2022:
- 34th Annual Roth Conference, held in Laguna Beach, CA, March
13-15th
- Crypto Expo hosted by Ladenburg Thalman, held virtually, March
24th
- Crypto Mining Day hosted by Bank of America, held virtually
March 28th
- Crypto and Blockchain Summit 2022 hosted by Barclays, held
virtually, March 29-30th
- Digital Wildcatters Empower event held in Houston, TX, March
30-31st
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. Through Riot’s
subsidiary ESS Metron, the Company engineers and manufacturers
electrical equipment solutions for Bitcoin mining and other
industries. The Company’s headquarters is in Castle Rock, Colorado,
and the Whinstone Facility operates in Rockdale, Texas. Riot 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; 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
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's Whinstone State-of-the-Art Infrastructure Update
February 2022
- Riot Hash Rate Capacity Groth (EH/s) Updated February 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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