Riot Blockchain Announces July 2022 Production and Operations Updates

Riot Blockchain Announces July 2022 Production and Operations Updates #Riot #Blockchain #Announces #July #Production #Operations #Updates Welcome to Lopoid

Castle Rock, CO, Aug. 03, 2022 (GLOBE NEWSWIRE) — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an {industry} chief in Bitcoin (“BTC”) mining and internet hosting, declares unaudited manufacturing and operations updates for July 2022.

Bitcoin Production and Operations Updates

In July 2022, Riot produced 318 BTC, a lower of roughly 28% as in comparison with July 2021 manufacturing of 443 BTC, whereas considerably decreasing general energy prices by way of efficient employment of its proprietary energy technique.
Riot earned an estimated $9.5 million in energy credit because of curtailment exercise, to be credited in opposition to its energy invoices; the $9.5 million in energy credit equates to roughly 439 BTC, computed by utilizing the July 2022 common BTC value of $21,634.
As of July 31, 2022, Riot held roughly 6,696 BTC, all produced by the Company’s self-mining operations.
In July 2022, Riot bought 275 BTC, producing web proceeds of roughly $5.6 million.
Riot at present has a deployed fleet of 40,311 miners, with a hash charge capability of 4.2 exahash per second (“EH/s”). Current hash charge capability has been quickly impacted by the continued relocation of a portion of the Company’s mining fleet, from a third-party internet hosting facility to Riot’s Whinstone Facility, which is finally anticipated to additional cut back manufacturing prices.
Riot’s Q2 2022 monetary report is deliberate to be launched after market shut Tuesday, August 9, 2022.

“We are pleased to report that Riot has demonstrated the effectiveness of its power strategy during the month of July. The Company has consistently and proactively pursued low-cost, large-scale access to power under its long-term fixed rate power contracts, providing it with a unique ability to support ERCOT and release capacity back into the grid when power demand in Texas is high,” stated Jason Les, CEO of Riot.

“As vitality demand in ERCOT reached all-time highs this previous month, the Company voluntarily curtailed its vitality consumption with a purpose to be certain that extra energy can be out there in Texas. Riot curtailed a complete of 11,717 megawatt hours in July, sufficient to energy 13,121 common houses for one month. Curtailing the Company’s energy consumption lowered BTC manufacturing by an estimated 21% in July, but additionally considerably lowered Riot’s energy prices for the month. By offering energy again into the ERCOT grid in periods of peak demand, the Company estimates that energy credit and different advantages from curtailment actions totaled an estimated $9.5 million, considerably outweighing the discount in BTC mined.  When utilized to anticipated energy prices for the month, the ability credit and different advantages are anticipated to successfully eradicate Riot’s energy prices for July, additional enhancing the Company’s industry-leading monetary power amid a difficult macroeconomic setting for the {industry}.”

Mining Deployment and Shipment Update

During the month of July, the Company ended its hosting agreement with Coinmint LLC (“Coinmint”) and shipped all of its remaining miners at Coinmint’s Massena, NY facility to Riot’s Whinstone Facility in Rockdale, TX. The relocation of all of the Company’s previously deployed miners at Coinmint is in progress by way of a swap agreement with another Bitcoin mining company and shipping of the balance of previously deployed miners at Coinmint. While this redeployment of miners is underway, approximately 12,146 miners are currently offline and therefore temporarily not counted in the deployed fleet figure. As a result of this relocation of miners, the Company expects to further reduce its cost of production through lower power costs and by eliminating all third-party hosting fees on its hosted mining fleet.

Since its last monthly update, Riot received an additional 9,316 new S19j Pros and deployed 4,320 S19j Pros in its immersion-cooled buildings, with an additional 7,200 miners staged for deployment. Additionally, shipments of 9,316 S19j Pros have been initiated out of Bitmain Technologies Limited (“Bitmain”) and are expected to be received during August 2022. Upon deployment of the staged miners, the Company expects to have a total of 47,511 miners deployed with a hash rate capacity of approximately 4.9 EH/s.

Infrastructure Update

In July, Riot’s Whinstone Facility made substantial framework and deployment progress towards the Company’s 400 megawatt (“MW”) digital infrastructure enlargement challenge.

In Buildings D and E, Riot’s two air-cooled buildings, inside buildings are progressing in the direction of completion. Engineers have begun putting in Riot’s proprietary air-cooling rack system in Building D, and the profitable testing and set up of medium voltage transformers has been accomplished. The set up of extra switchboards, medium voltage transformers, and electrical work continues in Building E. 

Building F, Riot’s first immersion-cooled constructing, was accomplished and operational as of May 2022. Building G advances with the set up of dry-cooler and water pumping programs and the commissioning of medium voltage switchgear, and the position of miners continues.

In April 2022, Riot introduced a 1 gigawatt (“GW”) improvement to develop its mining and internet hosting capabilities in Navarro County, Texas. This month, the Company is worked up to share that earthwork and improvement of the primary part of entry roads have begun at Riot’s 265-acre Corsicana Facility.

Estimated Hash Rate Growth

By Q1 2023, Riot anticipates a complete self-mining hash charge capability of 12.5 EH/s, assuming full deployment of roughly 115,450 Antminer ASICs, however excluding any potential incremental productiveness beneficial properties from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Substantially all of Company’s self-mining fleet will encompass the newest technology S19 sequence miner mannequin. In addition to the Company’s self-mining operations, Riot hosts roughly 200 MW of institutional Bitcoin mining shoppers.

Human Resources

The Company is happy to announce the hiring of Pierre Rochard, who has served on Riot’s advisory board for over 3 years, as Vice President of Research. Mr. Rochard was most lately Product Manager for Bitcoin at Kraken, one of many largest digital asset-focused exchanges. Mr. Rochard will play a pivotal function for Riot to drive analysis that may proceed to affect the Bitcoin group from an academic and informational perspective.

Investor Relations

The Company plans to difficulty its Second Quarter Financial Report after market shut on August 9, 2022.

About Riot Blockchain, Inc.

Riot Blockchain’s (NASDAQ: RIOT) imaginative and prescient is to be the world’s main Bitcoin-driven infrastructure platform.

Our mission is to positively affect the sectors, networks and communities that we contact.  We consider that the mixture of an progressive spirit and robust group partnership permits the Company to attain best-in-class execution and create profitable outcomes.

Riot is a Bitcoin mining and digital infrastructure firm targeted on a vertically built-in technique. The Company has Bitcoin mining knowledge heart operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

For extra info, go to www.RiotBlockchain.com.

Safe Harbor

Statements on this press launch that aren’t historic details are forward-looking statements that mirror administration’s present expectations, assumptions, and estimates of future efficiency and financial situations. Such statements depend on the protected 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 topic to dangers and uncertainties, precise outcomes could differ materially from these expressed or implied by such forward-looking statements. Words similar to “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and comparable expressions are supposed to establish forward-looking statements. These forward-looking statements could embody, however usually are not restricted to, statements about the advantages of acquisitions, together with monetary and working outcomes, and the Company’s plans, targets, expectations, and intentions. Among the dangers and uncertainties that might trigger precise outcomes to vary from these expressed in forward-looking statements embody, however usually are not restricted to: unaudited estimates of Bitcoin manufacturing; our future hash charge development (EH/s); the anticipated advantages, development schedule, and prices related to the Navarro website enlargement; our anticipated schedule of recent miner deliveries; our means to efficiently deploy new miners; M.W. capability beneath improvement; we could not be capable to understand the anticipated advantages from immersion-cooling; the combination of acquired companies will not be profitable, or such integration could take longer or be harder, time-consuming or expensive to perform than anticipated; failure to in any other case understand anticipated efficiencies and strategic and monetary advantages from our acquisitions; and the affect of COVID-19 on us, our clients, or on our suppliers in reference to our estimated timelines. Detailed info relating to the components recognized by the Company’s administration which they consider could trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements on this press launch could also be discovered within the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), together with the dangers, uncertainties and different components mentioned beneath the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-Okay for the fiscal yr ended December 31, 2021, as amended, and the opposite filings the Company makes with the SEC, copies of which can be obtained from the SEC’s web site, www.sec.gov. All forward-looking statements included on this press launch are made solely as of the date of this press launch, and the Company disclaims any intention or obligation to replace or revise any such forward-looking statements to mirror occasions or circumstances that subsequently happen, or of which the Company hereafter turns into conscious, besides as required by legislation. Persons studying this press launch are cautioned to not place undue reliance on such forward-looking statements.

Attachments

Alexis Brock Riot Blockchain, Inc. 512-940-6014 [email protected] Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 [email protected]

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