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Riot Platforms, Inc. (NASDAQ: RIOT) is a leading vertically integrated Bitcoin mining company that focuses on building, supporting, and operating blockchain technologies. The company has established a robust foothold in the blockchain ecosystem through strategic investments and partnerships, primarily targeting the Bitcoin and Ethereum blockchains.
Riot's core business segments include Bitcoin Mining, Data Center Hosting, and Engineering. The Bitcoin Mining segment, which generates maximum revenue, involves the company mining Bitcoin and earning revenue from this activity. Riot's operations are strategically located, with Bitcoin mining facilities in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado.
Riot Platforms has made significant strides in expanding its capabilities and infrastructure. Recently, the company announced the energization of its new Corsicana facility, which marks a significant milestone in its expansion efforts. This facility will enhance Riot's mining capacity and efficiency, positioning the company for further growth in the competitive Bitcoin mining industry.
The company is committed to transparency and regularly updates investors on its financial performance and operational developments. Riot has scheduled its first-quarter 2024 earnings conference call on May 1, 2024, where it will discuss recent results and future plans.
Riot Platforms' mission is to positively impact the sectors, networks, and communities it engages with. The company aims to achieve best-in-class execution through an innovative spirit and strong community partnerships. Riot's vision is to be the world's leading Bitcoin-driven infrastructure platform.
For more information, visit www.riotplatforms.com.
Riot Blockchain announces a significant purchase of 15,000 next-generation Antminers from Bitmain, enhancing its bitcoin mining capacity by approximately 65%. This $35 million investment includes 3,000 S19 Pro and 12,000 S19j Pro units, increasing their estimated capacity from 2.3 EH/s to 3.8 EH/s. The delivery is set for May to October 2021, and Riot will operate with an aggregate efficiency of approximately 31.79 J/TH. The company, devoid of long-term debt, continues to assess growth opportunities to enhance shareholder value.
On November 17, 2020, Riot Blockchain (NASDAQ: RIOT) announced the appointment of Hubert Marleau to its Board of Directors. Marleau, a seasoned capital markets professional, brings over 50 years of experience, having served as Chief Economist at Palos Management and held significant roles at various stock exchanges in Canada. His expertise spans macroeconomic policy, corporate governance, and financial analysis. Riot specializes in cryptocurrency mining, primarily focused on Bitcoin, and is headquartered in Castle Rock, Colorado.
On November 17, 2020, Riot Blockchain announced the resignation of Remo Mancini from its Board of Directors, effective immediately. Mancini expressed gratitude for his time with the company, wishing the new leadership well. The company acknowledged his contributions and clarified that his resignation was not due to any disagreements regarding operations or policies. Riot Blockchain focuses on cryptocurrency mining, primarily bitcoin, and also invests in blockchain technology companies.
Riot Blockchain (NASDAQ: RIOT) reported significant financial results for the nine-month period ending September 30, 2020, with total mining revenues increasing by 21% to $6.7 million. The company has committed $34.8 million for new miners, aiming for a total hash rate capacity of 2.3 EH/s by June 2021. Operating expenses decreased by 24%, leading to improved working capital of $39.3 million and stockholders' equity of $60.7 million. Despite a net loss of $16.6 million, investments in next-gen technology position Riot favorably for future growth.
Riot Blockchain (NASDAQ: RIOT) announced the purchase of 2,500 S19 Pro Antminers for $6.1 million from BitmainTech, aiming to enhance its mining operations further. This acquisition will increase its operational hash rate capacity to 842 PH/s by December 2020, representing a 50% growth from prior estimates. By June 2021, Riot anticipates reaching 2.3 EH/s with a total of 22,640 miners deployed. The company maintains no long-term debt and funds its initiatives with available working capital, emphasizing operational efficiency.
Riot Blockchain (NASDAQ: RIOT) has announced the purchase of 5,100 Bitmain S19 Pro Antminers for $11.2 million, aimed at expanding its bitcoin mining capabilities. This order, combined with a previous order of 8,000 miners, will bring the total to 13,100 miners, expected to triple its hash rate to 2.007 EH/s by June 2021. Riot anticipates achieving positive cash flow by late 2020 and maintains no long-term debt, funding all purchases with available capital. The miners will be deployed at Coinmint's facility in New York, further solidifying Riot's position in the North American bitcoin mining landscape.
On Aug. 17, 2020, Riot Blockchain (NASDAQ: RIOT) announced a purchase agreement for 8,000 Bitmain S19 Pro Antminers, totaling $17.7 million. Delivery is scheduled from January to April 2021, expected to enhance Riot's hash rate capacity to approximately 1.45 EH/s. This order reflects a strategic transformation and aims to position Riot as a leading bitcoin miner in North America, with anticipated positive cash flow in late 2020. The S19 Pro miners feature a hash rate of 110 TH/s and energy efficiency of 29.5 J/TH.
Riot Blockchain (NASDAQ: RIOT) has received and deployed 1,040 S19 95TH miners, marking the second of three orders totaling 3,040 miners from Bitmain. This deployment is expected to enhance Riot's hash rate by 28%, reaching 456 PH/s. The company ended Q2 2020 with a net working capital of $15.9 million and secured $29.7 million in an ATM offering. With plans to reach over 1 EH/s by early 2021, Riot aims to become a major player in North American bitcoin mining while maintaining zero long-term debt and holding over 1,000 bitcoins from its operations.
Riot Blockchain (NASDAQ: RIOT) reported its financial results for Q2 and year-to-date June 30, 2020. The company achieved a 11% revenue increase to $4.3 million compared to the same period in 2019. Riot's Bitcoin mining capacity is set to rise by 129%, reaching 566 PH/s. Despite downtime from facility relocation and the May halving event, Riot produced 508 bitcoins. SG&A expenses decreased by 29%, while total stockholders' equity rose to $27.8 million. However, the company reported a net loss of $14.9 million, impacted by a $9.4 million impairment related to Coinsquare.
Riot Blockchain (NASDAQ: RIOT) has received the first batch of 1,000 S19 Pro miners from Bitmain, part of a larger order totaling 3,040 units. This enhancement at Coinmint's facility in Massena, New York, will boost Riot's hashing power by 45%, reaching approximately 357 PH/s. Once fully deployed, the company expects to achieve a hash rate of about 566 PH/s, reflecting a 129% increase. The CEO announced the completion of the initial transformation phase, including debt elimination and operational improvements, and aims to exceed a hash rate of 1 EH/s by early 2021.
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