Riot Announces December 2022 Production and Operations Updates

Castle Rock, CO, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, announces unaudited production and operations updates for December 2022.

Bitcoin Production and Operations Updates for December 2022

• Riot produced 659 BTC, an increase of approximately 55% as compared to December 2021 production of 425 BTC.
• Riot earned $4.9 million in power credits as a result of curtailment activity, equivalent to approximately 290 Bitcoin using the December 2022 weighted average daily closing Bitcoin price of $16,967.
• Riot held approximately 6,952 BTC, all produced by the Company’s self-mining operations, as of December 31, 2022.
• Riot sold 600 BTC, generating net proceeds of approximately $10.2 million.
• Riot had a deployed fleet of 88,556 miners, with a hash rate capacity of 9.7 exahash per second (“EH/s”), as of December 31, 2022.

“Riot achieved a number of key milestones during the month of December,” said Jason Les, CEO of Riot. “We successfully deployed an additional 16,128 S19-series miners, bringing our hash rate capacity to a new all-time high of 9.7 EH/s. Additionally and as previously indicated in our last monthly production update, we transitioned to a new mining pool in early December. Based on our expanded hash rate capacity and while predominantly operating in our new mining pool, Riot achieved a new record of 659 Bitcoin produced this past month.

“In late December, Texas and much of the country experienced severe winter weather (“the December storm”), significantly disrupting the holiday season for many Americans. A portion of Riot’s operations at our Rockdale Facility were also unfortunately impacted by the December storm, as some sections of piping in Buildings F and G, our immersion buildings, suffered damage and need replacement, impacting approximately 2.5 EH/s of our total hash rate capacity. Our team is working diligently on the necessary repairs, which we anticipate will take a number of weeks, during which time the affected hash rate will come back online incrementally. Additionally, in anticipation of the December storm, Riot voluntarily curtailed operations in order to ensure the safety of our employees and to contribute to the stability of the ERCOT grid during this critical time for Texans, and as a result, Riot generated $4.9 million in additional power credits in December, which will further lower our cost of production.”

Mining Deployment and Shipment Update

During the month of December, Riot received 5,019 new S19-series miners, increased its deployed fleet by 16,128 S19-series miners, with approximately 1,152 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 89,708 miners deployed with a hash rate capacity of approximately 9.9 EH/s. Additionally, shipments of 5,130 S19-series miners have been initiated and are expected to be received during January 2023.

Infrastructure Update

The Company is pleased to announce that Building D has reached completion, with the final installation of indoor water cooling frames and completion of electrical testing, and miners deployed. Progress continues in Building E, where Riot’s construction and engineer teams remain focused on the installation of the air-cooling rack system, electrical installation and testing.

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 clients.

Human Resources

Riot is pleased to announce the hiring of Brian Morgenstern as Head of Public Policy. Mr. Morgenstern previously worked at the White House as deputy press secretary and deputy communications director and at the U.S. Treasury Department as deputy assistant secretary, and will play a key role in developing and driving policy priorities and principles for the Company, and in interacting with local, state, and federal legislative bodies and government agencies to represent and protect Riot’s interests.

Riot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network. Open positions are available at:  https://riotplatforms.com/careers.

About Riot Platforms, Inc.

On January 3, 2023, Riot announced the rebranding of its corporate name from Riot Blockchain, Inc. to Riot Platforms, Inc, underpinning the Company’s growth strategy to continue expanding its increasingly diversified business operations. Riot’s common stock continues to be listed for trading on NASDAQ Capital Market under the same ticker symbol ‘RIOT’.

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 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.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; 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. 

Attachments

• Riot's Rockdale Facility
• Riot Platform's Hash Rate Capacity Growth Graph Updated December 2022

Alexis Brock
Riot Platforms, Inc
5129406014
PR@riot.inc

Phil McPherson
Riot Platforms, Inc.
303-794-2000 ext. 110
IR@riot.inc