Riot Announces March 2023 Production and Operations Updates

Rhea-AI Summary

Riot Platforms, Inc. (NASDAQ: RIOT) reported significant operational performance for March 2023, marking a 36% increase in Bitcoin production year-over-year, with 695 BTC mined compared to 511 BTC in March 2022. The company held approximately 7,072 BTC at the month's end and sold 675 BTC, generating $16.7 million in net proceeds. Riot's hash rate capacity reached an all-time high of 10.5 EH/s with a total of 94,176 miners deployed. Looking ahead, Riot estimates a self-mining capacity of 12.5 EH/s in the second half of 2023. Continuous infrastructure development and new miner deployments are in progress.

Positive

• 36% year-over-year increase in Bitcoin production, mining 695 BTC in March 2023.
• Held approximately 7,072 BTC, contributing to strong asset management.
• Generated net proceeds of $16.7 million from the sale of 675 BTC.
• Achieved a hash rate capacity of 10.5 EH/s, a new all-time high.
• Plans to increase self-mining capacity to 12.5 EH/s in the second half of 2023.

Negative

• 17,040 miners offline due to damage from severe winter weather, impacting operations.
• Ongoing repairs to cooling systems at Buildings F and G could delay operational efficiency.

Riot Achieves New All-Time High Hash Rate Capacity in March 2023

Castle Rock, CO, April 05, 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 March 2023.

Bitcoin Production and Operations Updates for March 2023

• Riot produced 695 BTC, an increase of approximately 36% as compared to March 2022 production of 511 BTC.
• Riot held approximately 7,072 BTC as of March 31, 2023, all produced by the Company’s self-mining operations. 
• Riot sold 675 BTC, generating net proceeds of approximately $16.7 million.
• Riot had a deployed fleet of 94,176 miners, with a hash rate capacity of 10.5 exahash per second (“EH/s”), as of March 31, 2023, which excludes 17,040 miners that are offline as a result of damage to Building G from the severe winter weather in late December in Texas.

“Riot is proud to announce another strong month of production, mining 695 Bitcoin in the month of March,” said Jason Les, CEO of Riot. “This strong performance is a direct result of the hard work our team members have put in over the past two years, in order to get us near completion of our long-term expansion project at the Rockdale Facility. Upon completion of the final buildout and deployment of miners at our Rockdale Facility in April 2023, our teams will remain focused on maximizing operating efficiencies to further improve performance and results at the Rockdale Facility, and on the continued development of our new Corsicana Facility.”

Mining Deployment and Shipment Update

During the month of March, Riot deployed 6,912 S19-series miners, and ended the month with approximately 800 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 94,976 miners deployed with a hash rate capacity of approximately 10.6 EH/s (which excludes 17,040 miners currently offline in Building G).

Infrastructure Update

In Building D, the main sections of the waterwall frames have been installed. In Building E, Riot’s electrical teams have completed electrical testing and continue to deploy final mining systems.

In Buildings F and G, efforts continue to be focused on repairing damaged cooling systems.

Estimated Hash Rate Growth

Due to the ongoing impact of damage incurred to Buildings F and G during the severe winter storms in Texas in late December, Riot now anticipates achieving a total self-mining hash rate capacity of 12.5 EH/s in the second half of 2023.

Human Resources

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.

Conference Schedule 

Riot will be presenting at the following upcoming conferences: 

• Sequire Investor Summit in Puerto Rico on April 24-26^th.
• Ladenburg Thalman Tech Expo in New York City on April 27^th.

About Riot Platforms, Inc.

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. 

Attachment

• Riot's Rockdale Facility

FAQ

What were Riot's Bitcoin production numbers for March 2023?

Riot produced 695 BTC in March 2023, a 36% increase from 511 BTC in March 2022.

How much Bitcoin did Riot sell in March 2023?

Riot sold 675 BTC in March 2023, generating approximately $16.7 million in net proceeds.

What is Riot's hash rate capacity as of March 2023?

As of March 31, 2023, Riot's hash rate capacity was 10.5 EH/s with 94,176 miners deployed.

What is Riot's future hash rate capacity projection?

Riot anticipates achieving a self-mining hash rate capacity of 12.5 EH/s in the second half of 2023.