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 April 2022.
Bitcoin Production and Operations Updates
- In April 2022, Riot produced 508 BTC, an increase of
approximately 150%, as compared to April 2021 production of 203
BTC.
- As of April 30, 2022, Riot held approximately 6,320 BTC, all
produced by the Company’s self-mining operations.
- In April 2022, Riot sold 250 Bitcoin generating net proceeds of
approximately $10.0 million.
- Riot currently has a deployed fleet of approximately 46,375
miners, with a hash rate capacity of 4.7 exahash per second
(“EH/s”).
“April marks yet another incredible milestone for Riot, with the
announcement of the Company’s 1 gigawatt (GW) Expansion in Navarro
County, Texas,” said Jason Les, CEO of Riot. “Our ability to source
and manage this second significant expansion opportunity in Texas
exemplifies the Company’s partnership-driven approach with all
stakeholders, including the Company’s business partners, ERCOT, and
all levels of government, to commit to sustainable economic
development. We are excited to build upon our demonstrated
ability to develop high-quality, large-scale digital
infrastructure, leveraging our experienced employee base and
opening the doors to new jobs and economic opportunities in Navarro
County.”
Mining Deployment and Shipment Update
Since its last monthly update, Riot received an additional 5,070
new S19j Pros, deployed approximately 3,456 S19j Pros in its
immersion-cooled building (see attached photo) with an additional
7,240 additional miners staged for deployment. Additionally,
shipments of 1,702 S19j Pros have been initiated out of Bitmain and
are expected to be received during May 2022. Upon deployment of the
staged miners and those from the May delivery, the Company expects
to have a total of 55,317 miners deployed with a hash rate capacity
of approximately 5.6 EH/s.
Infrastructure Update
During April, progress continued Riot’s 400 megawatt (“MW”)
infrastructure expansion project at its Whinstone US, Inc.,
(“Whinstone”) facility in Rockdale, Texas. Buildings D and E, both
employing air-cooled technology, are advancing towards completion.
Electrical work continues; medium voltage switchgear is currently
being installed in Building D and structural columns and beams are
being installed in Building E.
Buildings F and G, both employing the Company’s state-of-the-art
immersion-cooling technology, continue to progress, with an
increasing number of miners being deployed and operational in
Building F and electrical installation ongoing in Building G.
Building X, Riot’s Employee Training and Health & Safety
Center is progressing with the roof nearing completion and the
finalization of its indoor layout.
Estimated Hash Rate Growth
By January 2023, Riot anticipates a total self-mining hash rate
capacity of approximately 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 the Company’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 hosts
approximately 200 MW of institutional Bitcoin mining clients.
Human Resources
The Company is pleased to announce the hiring of Colin Yee as
Head of Corporate and Financial Operations. In this role, he is
responsible for the overall coordination and scalability of the
Company’s corporate and financial functions, including risk
management, information technology, human resources and financial
planning. Mr. Yee is an experienced business partner and team
builder, having successfully grown businesses by working
collaboratively to implement key processes, reporting tools and
internal controls.
Prior to joining Riot, Mr. Yee was the CFO of a mid-market
private equity firm specializing in renewable energy and
infrastructure, the CFO of a publicly traded real estate company in
Canada, and most recently, the COO and CFO of a family office with
controlling interests in companies focused on construction and
geothermal systems. He is a Chartered Professional Accountant and
holds Bachelor of Science and Bachelor of Commerce degrees from the
University of Calgary.
Conference Schedule
Riot Blockchain will be presenting at the following upcoming
conferences:
- Tudor Pickering Holt: Hotter ‘N Hell Energy Conference on May
19th in Houston, TX.
- D.A. Davidson Bitcoin & Blockchain Conference on June 2nd
in New York City, NY.
- Digital Assets Council of Financial Professionals Vision
Conference on June 8th in Austin, TX.
2022 First Quarter Financial Report Filing
The statutory filing deadline for the Company’s First Quarter
Financial Report is May 10th, 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. 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,
the Whinstone Facility operates in Rockdale, Texas and the
Expansion is in Corsicana, 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. 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 Navarro site
expansion; our expected schedule of new miner deliveries; our
ability to successfully deploy new miners; M.W. 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, 2021, and our other filings with the
SEC, 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.
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 Blockchain Hash Rate Capacity Growth Updated April of
2022
- Riot's Immersion-Cooled Dedicated Building F Update April
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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