Riot Blockchain Announces January Production and Operations
Castle Rock, Colo., Feb. 04, 2022 (GLOBE NEWSWIRE) — 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 January 2022, shipment status updates and miners’ deployment, updates on the 400 megawatt (“MW”) infrastructure expansion at US Corporation, Inc., (“Whinstone”) in Rockdale, Texas (the “Whinstone Facility ”), and an update on the remaining flexibility for the stabilization of the ERCOT power grid.
“Riot is well positioned for continued growth and production in 2022,” said Jason Les, CEO of Riot Blockchain. “We are pleased to announce that miner deployments to one of our immersion cooled buildings are now fully underway. We have refined our process for running immersion-based mining facilities and are now launching tests on the productivity improvements supported by this cooling technology. We expect to see increases in our hash rate capacity as we continue to execute deployments in the newly completed Building F and the soon to be completed Building G.
Additionally, we are closely monitoring current weather conditions in Texas and the potential impact they may have on energy supply and demand in the ERCOT network. As the largest Bitcoin miner by developed capacity in Texas, Riot is currently scaling back its Bitcoin mining operations to the Whinstone facility. Riot employs nearly 200 full-time team members at the Whinstone facility, in addition to 400 other contractors, in Rockdale, Texas, and we deeply value our relationship with the surrounding community and the State of Texas. at large.
- In January 2022, Riot produced 458 BTC, an increase of approximately 252%, compared to January 2021 production of 130 BTC.
- As of January 31, 2022, Riot held approximately 5,347 BTC, all produced by the company’s self-mining operations.
- Riot currently has a deployed fleet of approximately 32,552 miners, with a hash rate capacity of 3.4 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 in executing on Riot’s previously announced hash rate growth and to keep investors informed of the company’s development of essential bitcoin mining infrastructure to reduce future growth risks.
Mining Deployment and Shipping Updates
Since its last monthly update, the company has rolled out around 3,000 S19j Pros, with an additional 7,924 miners set up for deployment. Additionally, 5,768 S19j Pros have been shipped from Bitmain and are expected to be received in February 2022. Once the miners are staged and those in the February delivery are deployed, Riot expects to have a total of 46,244 miners deployed with a hash rate capability of approximately 4.7 PE/s.
Global logistical issues have impacted some miners’ shipping schedules, including a delayed shipment in January that was pushed back to February. Riot remains in close communication with Bitmain and logistics providers who are working to mitigate delays where possible.
In anticipation of potential future expansion opportunities, Riot has secured six additional 100MW High Voltage Transformers and forty 2.5MW Medium Voltage Transformers, which are currently in storage. The company is evaluating the use of its development expertise and operational efficiency to further expand its Bitcoin mining capacity.
Riot’s 400MW infrastructure expansion now includes a third of the completion of Building G, Riot’s second dedicated immersion-cooled building, as well as Building D, a state-of-the-art Bitcoin mining building and air cooled. Additionally, Building E, the fourth state-of-the-art, air-cooled bitcoin mining building, has reached a quarter of its completion.
Estimated hash rate for 2022
By Q4 2022, Riot projects total self-mining hash rate capacity of 12.8 EH/s, assuming approximately 120,150 Antminer ASICs fully deployed, but excluding any productivity gains additional potential expected from the company’s use of 200 MW of immersion cooling infrastructure. Roughly 97% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all miners currently under contract, 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 200MW of institutional Bitcoin mining customers.
Bitcoin Cash Management
Riot continuously monitors its balance sheet, assessing the level of bitcoin retained from monthly production taking into account operational and expansion cash requirements. The company continues to take a long-term view of its bitcoin holdings and believes it is in shareholders’ best interests to have strong bitcoin holdings on its balance sheet.
The company is proud to announce personnel changes at head office, including the hiring of Ashley Lewis, as Chief Information Officer.
Filing of the 2021 annual financial statements
Due to its market value, Riot is now an Accelerated Large Filer as defined by the Securities and Exchange Commission. Accordingly, the legal deadline for filing the Company’s annual report on Form 10-K is March 1, 2022.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on Bitcoin mining and, through its subsidiary Whinstone, hosts Bitcoin mining equipment for institutional clients. The Company is expanding and modernizing its mining operations through the development of industrial scale infrastructure and the supply of latest generation miners. Riot’s headquarters are in Castle Rock, Colorado, and the Whinstone facility operates out of Rockdale, Texas. The Company also has mining equipment operated in upstate New York under a co-location hosting agreement with Coinmint, LLC. For more information, visit www.RiotBlockchain.com.
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions and estimates regarding future performance and economic conditions. These statements are made on the basis of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because these 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’, ‘hopes’ and similar expressions are intended to identify forward-looking statements. Forward-looking statements may never materialize or prove to be incorrect. Due to various risks and uncertainties, actual results and the timing of events could differ materially from those anticipated in these 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 (EH/s) growth; our expected timing of deliveries of new miners; our ability to successfully deploy new miners; MW capacity under development; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to complete than expected; failure to otherwise realize the anticipated efficiencies and strategic and financial benefits of our acquisitions; and the impact of COVID-19 on us, our customers or suppliers in relation to our estimated timelines. Detailed information regarding other factors that could cause actual results to differ materially from those expressed or implied by the statements in this press release may be found in the Company’s filings with the Securities and Exchange Commission. United States (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, additional information on risk factors described in the company’s current report on Form 8-K filed with the SEC on December 26, 2020. May 2021, copies of which may be obtained on the SEC’s website at www.sec.gov. All forward-looking statements included in this press release speak 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 occur subsequently, or of which the Company subsequently becomes aware, except as required by law. Persons reading this press release are cautioned not to rely on any forward-looking statements.
Riot Hash Rate Capacity Growth Updated January 2022
Riot infrastructure progress January 2022