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Castle Rock, CO, Aug. 10, 2021 (GLOBE NEWSWIRE) – Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or the “Company”), a leading Nasdaq-listed bitcoin ( “BTC”) Mining companies in the United States will announce their production and operational updates in July, including their unaudited Bitcoin production for July 2021 and their miners’ shipping / provisioning status.
Production and operational updates
In July 2021, Riot produced 444 BTC, an increase of about 771% from its production of 51 BTC in July 2020. For the year to date through July 2021, the company produced a total of 1,610 BTC, an increase of about 188% from its BTC production during the same 2020 period of 559 BTC. As of July 31, 2021, Riot held approximately 2,687 BTC, all of which were produced by its self-mining operations.
Riot plans to continue providing monthly operational updates and unchecked production results through the end of 2021. These updates are designed to keep shareholders informed of Riot’s mining production as the company continues to deploy its growing fleet of miners.
Miner deployment and shipping updates
In July, Riot’s Whinstone facility underwent the necessary infrastructure upgrades to support the ongoing deployment of Riot’s latest generation S19 Antminers powered by Bitmain Tech Lte. Ltd. (“Bitmain”). The installation of the recently added miners has been extended to August with approximately 4,200 S19 Pro Antminers (110 TH) deployed at the Whinstone facility. Based on this ongoing installation, the hash rate capacity of Riot is approximately 1.93 exahash per second (EH / s).
As part of an order placed with Bitmain in December 2020, 2,000 S19 Pro Antminer (110 TH) were delivered at the end of July and will be used in the Whinstone plant in the coming weeks. Riot estimates a total of 25,946 Antminers will be operational by early September, consuming approximately 83 MW of energy, with an estimated hash rate capacity of 2.6 EH / s.
Riot’s previously announced pilot with Lancium, LLC and Enigma Digital Assets (“Enigma”) in Houston, TX, reached full operation in July using Enigma’s immersion-cooled Bitcoin mining container with Riot’s S19 Pro Antminers.
Infrastructure and hash rate growth
At the Whinstone site, construction began on four additional buildings with a total area of approximately 240,000 sq / ft and a capacity of 400 MW. Earthworks, underground cabling and concrete as well as the expansion of the substation are currently underway. Development of a maintenance building and training center for employees is also underway to support expanded operations.
By Q4 2022, Riot expects a total hash rate capacity of 7.7 EH / s for self-mining, assuming its expected fleet of approximately 81,146 Antminers acquired by Bitmain is fully utilized 95% of which will be the latest generation of S19 series miners. When fully deployed, the company’s total self-mining fleet is expected to consume approximately 257 MW of energy, with approximately 206 MW used at the Company’s Whinstone facility and approximately 51 MW at Coinmint, LLC’s facility. This would result in an overall hash rate efficiency of 33 joules per terahash (J / TH), demonstrating Riot’s commitment to building one of the largest and most efficient bitcoin mining fleets in the industry.
Office and staff update
In connection with the acquisition of Whinstone and its ongoing substantial expansion, Riot is opening an office in Austin, Texas. To further support the expanded operations, Riot is pleased to announce the hiring of William Jackman as General Counsel, Josh Bowman as Director of Human Resources and Trystine Payfer as Director of Communications. The company continues to evaluate its staffing needs as part of its ever expanding business.
Investor Relations
On August 18-19, Riot will attend the B. Riley Securities Summer Summit in Santa Monica, California.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) is focused on mining bitcoin and hosts bitcoin mining equipment for institutional clients through Whinstone, its subsidiary. The company is expanding and modernizing its mining activities by developing infrastructure on an industrial scale and sourcing the latest generation of miners. Riot is headquartered in Castle Rock, Colorado and the Whinstone facility operates out of Rockdale, Texas. The company also operates mining equipment in New York State under a co-location hosting agreement with Coinmint, LLC. More information is available at www.RiotBlockchain.com.
Safe haven
The information provided in this press release may contain forward-looking statements within the meaning of US securities laws, including the effects of the Company’s acquisition of Whinstone and the future financial performance and operations of the Company and Whinstone. Because such statements are subject to risks and uncertainties, actual results could differ materially from those expressed or implied in such forward-looking statements. Words such as “expects,” “believes,” “plans,” “expects,” “intends,” “will,” “potentially,” “hopes” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on the company’s current expectations and include assumptions that may never materialize or prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements due to various risks and uncertainties. These forward-looking statements may include, but are not limited to, statements about the benefits of the Whinstone acquisition, including financial and operating results, as well as the company’s plans, goals, expectations and intentions. Risks and uncertainties that could cause actual results to differ from those in forward-looking statements include: (1) the integration of the Company’s and Whinstone’s businesses may not be successful, or such integration may take longer or more difficult , time consuming or more costly than expected; and (2) failure to otherwise obtain the anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone. For detailed information about other factors that could cause actual results to differ materially from those expressed or implied in this press release, see the company’s filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 31, 2021 and subsequently filed in a. filing with the SEC on April 30, 2021 and the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which was filed with the SEC on May 17, 2021, and the Additional Risk Factors that are set out in the company’s latest report on Form 8-K, filed with the SEC on May 26, 2021, and copies of which are available on the SEC’s website at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date of this press release, and the company undertakes no obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, or of which the company subsequently becomes aware , this is required by law.
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Investor Contact – Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 IR@riotblockchain.com PR Contact Riot Blockchain, Inc. PR@riotblockchain.com
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