Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or “the
, an industry leader in Bitcoin (“BTC”) mining
and data center hosting, announces unaudited production and
operations updates for October 2022.
Bitcoin Production and Operations Updates for October
- Riot produced 509 BTC, an increase of approximately 10% as
compared to October 2021 production of 464 BTC.
- Riot held approximately 6,825 BTC, all produced by the
Company’s self-mining operations, as of October 31, 2022.
- Riot sold 450 BTC, generating net proceeds of approximately
- Riot had a deployed fleet of 65,516 miners, with a hash rate
capacity of 6.9 exahash per second (“EH/s”), as of October 31,
“October marked another month of executional excellence for
Riot,” said Jason Les, CEO of Riot. “We continued to make
significant progress on the expansion of our Rockdale Facility,
where we recently completed Building G, Riot’s second
immersion-cooled building, rapidly deployed new miners in parallel
with new infrastructure buildout, and broke ground on the first
phase of development on our new Corsicana facility. This focus on
solid execution of our growth plans has resulted in another record
hash rate capacity this month, as we progress towards our goal of
reaching 12.5 EH/s in the first quarter of 2023.”
Mining Deployment and Shipment Update
During the month of October, Riot received 7,385 new S19-series
miners, increased its deployed fleet by 9,788 S19-series miners,
with approximately 7,912 miners staged for deployment. Upon
deployment of the staged miners, the Company expects to have a
total of 73,428 miners deployed with a hash rate capacity of
approximately 7.8 EH/s. Additionally, shipments of 3,055 S19-series
miners have been initiated out of Bitmain Technologies Limited
(“Bitmain”) and are expected to be received during November
During the month of October, Riot’s Rockdale facility
successfully scaled and achieved major milestones towards the build
out of the Company's 400 megawatt ("MW") digital infrastructure
Engineers continued to install Riot’s air-cooling rack system in
Building D where installation is expected to be completed before
the end of November. In Building E, electrical work nears
completion and construction teams have begun to install the
air-cooling rack system.
The Company is pleased to announce the completion of its second
immersion-cooled building, Building G, with the installation of the
remaining dry cooler infrastructure, internal tanks and pumping
On October 18th, Riot executives and employees along with local
and state officials gathered to celebrate the Company’s
groundbreaking ceremony in Corsicana, Navarro County, Texas. The
first phase of the Corsicana facility will consist of 400 megawatts
(“MW”), with self-mining and data center hosting operations
expected to commence by the fourth quarter of 2023.
To learn more about the groundbreaking ceremony, click here.
Estimated Hash Rate Growth
During Q1 2023, Riot anticipates a total self-mining hash rate
capacity of 12.5 EH/s, assuming full deployment of approximately
115,450 Antminer ASICs, but excluding any potential incremental
productivity gains from the Company’s utilization of 200 MW of
immersion-cooling infrastructure. Substantially all of Company’s
self-mining fleet will consist of the latest generation S19-series
miners. In addition to the Company’s self-mining operations, Riot
hosts approximately 200 MW of institutional Bitcoin mining
Riot is currently recruiting for positions in the following
departments: Accounting, Finance, Legal, and Public Policy. Join
our team in building, expanding, and securing the Bitcoin network.
Open positions are available at:
Riot will be presenting at the following upcoming
- Pacific Bitcoin held in Los Angeles, November 10th – 11th.
- Cantor Fitzgerald Crypto and Disruptive Finance Conference held
in Miami, November 10th.
- Bitwise Financial Forum held in Chicago, November 14th.
- Roth 11th Annual Tech Conference held in New York City,
- Texas Blockchain Summit held in Austin, November 17th –
- Wells Fargo 6th Annual TMT Summit held in Las Vegas, November
29th – December 1st.
The Company’s Third Quarter Financial Report is due by November
About Riot Blockchain, 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
Riot is a Bitcoin mining and digital infrastructure company
focused on a vertically integrated strategy. The Company has
Bitcoin mining data center operations in central Texas, Bitcoin
mining operations in central Texas, and electrical switchgear
engineering and fabrication operations in Denver, Colorado.
For more information, visit www.riot.inc.
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 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 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, 2021, 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.
- Riot's Rockdale Facility
- Estimated Hash Rate Growth
Riot Blockchain, Inc.
Riot Blockchain, Inc.
303-794-2000 ext. 110
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