Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the
Company”), an industry leader in Bitcoin mining and
data center hosting, announced today that it is constituting an
Advisory Board, which will reflect Riot’s commitment to having
world-class talent provide advisory services to its executive
leadership team and Board of Directors.
Riot’s first Advisory Board member will be Brad Jones, the
former Interim President and CEO of the Energy Reliability Council
of Texas (“ERCOT”), which manages ninety percent of the state’s
power supply, monitoring over 50,000 miles of transmission lines
and over 1,100 power generation units.
“We are honored to welcome Brad Jones to the Riot Platforms
team,” said Jason Les, CEO of Riot. “Brad’s expertise and
distinguished career in the energy sector are unmatched. We are
confident that Brad will not only help our business compete and
thrive, but also maximize our demand response activities to help
stabilize the grid for the benefit of all Texas ratepayers.”
“I am thrilled to become a member of Riot’s Advisory Board
because Riot is an industry leader in Bitcoin mining, and I am
pro-Bitcoin,” said Brad Jones. “Riot and Bitcoin mining provide
tremendous benefits to the ERCOT grid. Bitcoin miners purchase and
utilize excess generation and create market-driven conditions for
investment in further generation, much of which is increasingly
renewable, such as wind and solar. In addition, due to their
ability to power down quickly, they are also ideal participants in
demand response programs, which are designed to help stabilize the
grid during periods of high demand and extreme weather events. I am
excited to help the Company capitalize on its strong
potential.”
Mr. Jones led ERCOT from May 2021 to November of 2022 following
a winter storm which caused widespread power outages. During his
eighteen months leading ERCOT, grid reliability dramatically
improved, with ERCOT successfully completing nearly sixty major
initiatives. He previously served as President and CEO of the New
York Independent System Operator and held several leadership
positions with Luminant (formerly TXU).
Mr. Jones has over thirty years of experience in the competitive
electricity industry, including growing, developing, restructuring,
and optimizing competitive electricity businesses; designing
electricity markets; and operating electricity grids. Additionally,
he has received the Commissioners’ Award from the Public Utility
Commission of Texas, as well as recognition from the Governor,
Senate, and House of Representatives for his service to the state
of Texas.
Riot continues to conduct a thorough review process to engage
additional Advisory Board members with expertise in the fields of
electrical grid and power management, power generation development
(including renewable energy), legislative and regulatory processes,
financial services, and capital markets.
About Riot Platforms, 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
outcomes.
Riot is a Bitcoin mining and digital infrastructure company
focused on a vertically integrated strategy. The Company has data
center hosting 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.riotplatforms.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 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; the impact of weather
events on our operations and results; our ability to successfully
deploy new miners; the variance in our mining pool rewards may
negatively impact our results of Bitcoin production; 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, 2022, 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.
Alexis Brock
Riot Platforms, Inc
5129406014
PR@riot.inc
Phil McPherson
Riot Platforms, Inc.
303-794-2000 ext. 110
IR@riot.inc
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