Riot to Generate 509 Bitcoins in October 2022, Significantly Expand Hash Rate Capacity to Record High
Riot Rockdale Facility
Increased estimated hashrate
CASTLE ROCK, Colorado, November 3, 2022 (GLOBE NEWSWIRE) — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or “we”)Bitcoin (“BTC”) mining and data center hosting industry leader, announces unaudited production and operations update for October 2022.
Bitcoin Production and Operations Update for October 2022
Riot generated 509 BTC. This is about a 10% increase compared to the generation of 464 BTC in October 2021.
As of October 31, 2022, Riot holds approximately 6,825 BTC, all of which was generated by the company’s self-mining business.
Riot sold 450 BTC, generating a net profit of around $8.7 million.
As of October 31, 2022, Riot has 65,516 miners deployed with a hash rate capacity of 6.9 exahash per second (“EH/s”).
“October has been a month of exceptional execution at Riot,” said Jason Les, CEO of Riot. “We have made significant progress on the expansion of our Rockdale facility. deployed and started the first phase of development at our new Corsicana facility, solid execution of our growth plan as we move towards our goal of achieving 12.5 EH/s in the first quarter of 2023 Our focus on has resulted in another record hash rate capacity this month.”
Mining Deployment and Shipping Updates
During October, Riot received 7,385 new S19-series Miners, increasing its deployed fleet with 9,788 S19-series Miners, with approximately 7,912 Miners ready for deployment. With the phased miner deployment, the company expects a total of 73,428 miners to be deployed with a hash rate capacity of around 7.8 EH/s. Additionally, shipments of 3,055 of his S19 series miners have begun with Bitmain Technologies Limited (“Bitmain”) and are expected to be delivered sometime in November 2022.
In October, Riot’s Rockdale facility reached a major milestone as it successfully scaled to build out the company’s 400 megawatt (“MW”) digital infrastructure project.
Engineers will continue to install Riot’s air-cooled rack system in Building D, and the installation is expected to be completed by the end of November. At Building E, the electrical work is nearly complete and the construction team has begun installing the air-cooled rack system.
We are pleased to announce the completion of our second immersion cooled building, Building G, with the remaining dry cooler infrastructure, internal tanks and pumping system installed.
October 18thth, Riot executives and employees, 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”) and is expected to be in self-mining and data center hosting operations by the fourth quarter of 2023.
For more information on the groundbreaking ceremony, click here. here.
Increased estimated hashrate
During Q1 2023, Riot expects a total self-mining hash rate capacity of 12.5 EH/s, assuming a fully deployed Antminer ASIC of approximately 115,450, but 200 MW of Excludes potential incremental productivity gains from the use of immersion cooling infrastructure. Almost all of our self-mining vehicles will consist of the latest generation of his S19 series of miners. In addition to the company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin for his mining clients.
Riot is currently hiring for positions in our accounting, finance, legal and public policy departments. Join our team to build, scale and protect the Bitcoin network. Open positions are available at: https://www.riotblockchain.com/careers.
Riot will be presenting at the following upcoming conferences:
Pacific Bitcoin in Los Angeles on November 10thth – 11th.
Cantor Fitzgerald Crypto and Disruptive Finance Conference in Miami on November 10thth.
Bitwise Financial Forum in Chicago on November 14thth.
Ross 11th Annual Tech Conference in New York City on November 16thth.
Texas Blockchain Summit in Austin on November 17thth – 18th.
Wells Fargo 6th Annual TMT Summit in Las Vegas on November 29theye – December 1stst.
PR for investors
The company’s third quarter financial report must be filed by November 9, 2022.
About Riot Blockchain
Riot’s (NASDAQ: RIOT) vision is to become the world’s leading Bitcoin-powered infrastructure platform.
Our mission is to make a positive impact on the sectors, networks and communities we serve. We believe that our innovative spirit combined with strong community partnerships will enable us to achieve best-in-class execution and achieve success.
Riot is a Bitcoin mining and digital infrastructure company focused on a vertical integration strategy. The Company operates a Bitcoin mining data center business in Central Texas, a Bitcoin mining business in Central Texas, and an electrical switchgear engineering and manufacturing business in Denver, Colorado.
For more information, see: www.riot.inc.
The statements in this press release, which 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. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-Looking Statements. Words such as “expect,” “believe,” “plan,” “expect,” “intend,” “will,” “could,” “hope,” and similar expressions refer to forward-looking statements. It is intended to identify the description. These forward-looking statements may include, but are not limited to, statements regarding the benefits of the acquisition. This includes our financial and operating results and our plans, objectives, expectations and intentions. Risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: future hash rate growth (EH/s); projected profits, construction schedules and costs associated with Navarro’s site expansion; Expected schedule for new minor deliveries. Ability to successfully deploy new miners. MW capacity under development. Expected benefits from immersion cooling may not be realized. The integration of acquired businesses may not be successful, or such integration may take longer than expected or may be more difficult, time-consuming and expensive to accomplish. Any other method fails to realize the expected efficiencies and strategic and financial benefits of the acquisition. Impact of COVID-19 on us, our customers, or our suppliers. Further information regarding factors identified by our management that they believe could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this press release is available at: as set forth in the Company’s filings with the Securities and Exchange Commission (which includes the “Risk Factors” and “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31); includes risks, uncertainties and other factors described in the section entitled “Cautionary Note Regarding Forward-Looking Statements,” 2021, as amended, and other statements made by the Company to the SEC. filings, a copy of which is available on the SEC’s website. www.sec.govAll forward-looking statements contained in this press release are made only as of the date of this press release, and we make no such statements to reflect subsequent events or circumstances. We disclaim any intention or obligation to update or revise any forward-looking statements. We hereafter recognize, except where required by law. Readers of this press release are cautioned not to place undue reliance on such forward-looking statements.
CONTACT: Alexis Brock Riot Blockchain, Inc. 512-940-6014 PR@riotblockchain.com Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 IR@riotblockchain.com