Castle Rock, CO, April 5, 2022 (GLOBE NEWSWIRE) — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or “the Company”)an industry leader in Bitcoin (“BTC”) mining and hosting, provides production and operational updates for March 2022, the status of miner shipments and deployments, and updates on the 400 megawatt (“MW”) infrastructure expansion at the company’s site in Whinstone, USA. Inc., (“Whinstone”) facility in Rockdale, Texas (the “Whinstone Facility”).
“I’m proud of the Riot team for producing a record amount of Bitcoin in March,” said Jason Les, Riot CEO. “These results demonstrate the benefits of a vertically integrated strategy that gives the company more control over miner deployment and the ability to implement real-time technical solutions, resulting in improved operational and financial efficiencies.”
production updates
- In March 2022, Riot produced 511 BTC, an increase of approximately 176% compared to March 2021’s production of 185 BTC.
- Riot currently has a deployed fleet of approximately 42,919 miners with a hash rate capacity of 4.3 exahash per second (“EH/s”).
Riot intends to continue providing monthly operational updates and unaudited production results for the foreseeable future or until otherwise announced. These updates are intended to keep shareholders informed of the company’s progress in implementing Riot’s previously announced hash rate increase and to keep investors informed of the development of the company’s bitcoin mining infrastructure, which will follow The company’s view of critical to mitigating risk is future growth plans.
Bitcoin Treasury management update
- As of March 31, 2022, Riot held approximately 6,062 BTC, all produced by the company’s own mining operations.
- In March 2022, Riot sold 200 Bitcoin at an average selling price of around $47,090. Proceeds from the sale were approximately $9.4 million.
- Riot continually monitors its balance sheet and assesses the amount of bitcoin retained from monthly production, taking into account liquidity needs for operations and expansion. The company continues to take a long-term view of its bitcoin holdings and believes it is in shareholders’ best interests to have strong bitcoin holdings on its balance sheet.
Mining deployment and shipping update
Since the last monthly update, Riot has received an additional 1,080 new S19j Pros, deployed approximately 4,440 S19j Pros in its submersible building (see above), along with 5,030 additional miners deployed for deployment. Additionally, 5,430 S19j Pros have been shipped from Bitmain and are expected to arrive in April 2022. Once the tiered miners and those from the April shipment are deployed, the company expects to deploy a total of 53,379 miners with a hash rate capacity of approximately 5.4 EH/s.
infrastructure update
During the month of March, the project to expand Riot’s digital infrastructure at the Whinstone Facility made further progress. Buildings D and E, both with air-cooled technology, are nearing completion. The electrical installation in both buildings has started; The slats have been placed in D and the roof assembly has started in E.
Buildings F and G, both employing the Company’s state-of-the-art immersion cooling technology, have made further progress as miners have been deployed to Building F and the installation of electrical equipment is nearing completion.
Building X, Riot’s employee training and health and safety center, received wall panels and insulation and is approximately 80% complete.
General site conditions and side projects related to watershed management, landscaping and soil retention continue to be carefully designed and monitored to ensure the effectiveness and longevity of the Company’s current and future operations.
Estimated hash rate growth
By January 2023, Riot anticipates a total self-mining hash rate capacity of 12.8 EH/s, assuming a full deployment of approximately 120,150 Antminer ASICs, but with no potential expected incremental productivity gains from leveraging 200MW Immersion cooling infrastructure by the company. Approximately 97% of the company’s self-mining fleet will consist of the latest generation S19 series miner models. After the full deployment of all currently contracted miners, the company’s entire self-mining fleet will consume approximately 370 MW of energy. In addition to the company’s self-mining operations, Riot hosts approximately 200 MW of institutional bitcoin mining clients.
human resources
The company is proud to announce further growth at its corporate headquarters, including the addition of eight new employees in the following departments: Human Resources, IT, Legal, Communications and Finance.
Additionally, Riot is pleased to share the hiring and promotion of several senior team members at its Whinstone Facility, the largest employer in Milam County, Texas, in the following departments: data center technicians, miner maintenance technicians, EPC technicians, and equipment maintenance technicians.
conference schedule
Riot’s leadership is speaking at the Bitcoin 2022 conference, taking place April 5-9 in Miami, and at the Cowen Bitcoin Mining Summit, a virtual event that will take place on April 12.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) is focused on mining Bitcoin and hosts Bitcoin mining equipment for institutional clients through its Whinstone subsidiary. The Company is expanding and modernizing its mining operations through the development of industrial-scale infrastructure and the recruitment of the latest generation of miners. Through Riot’s subsidiary ESS Metron, the company designs and manufactures electrical device solutions for bitcoin mining and other industries. The company’s headquarters are in Castle Rock, Colorado and the Whinstone facility is in Rockdale, Texas. Riot also operates mining equipment in upstate New York under a co-location hosting agreement with Coinmint, LLC. Visit www.RiotBlockchain.com for more information.
Safe haven
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, beliefs and estimates of future performance and economic conditions. Such statements are made in reliance 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 involve risks and uncertainties, actual results could differ materially from those indicated or implied by such forward-looking statements. Words such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “will”, “potential”, “hope” and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, among other things, statements about the benefits of acquisitions, including financial and operating results, and the Company’s plans, goals, expectations and intentions. Risks and uncertainties that could cause actual results to differ from those expressed in the forward-looking statements include, among others: unaudited estimates of bitcoin production; our future hash rate (EH/s) growth; our projected schedule for new miner shipments; our ability to successfully deploy new miners; MW capacity under development; we may not be able to realize the anticipated benefits of immersion cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or expensive 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 our suppliers in connection with our estimated schedules. For detailed information on other factors that could cause actual results to differ materially from those expressed or implied by this press release, please refer to the Company’s filings with the US Securities and Exchange Commission (the “SEC”), including in 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 and our other filings with the SEC, copies of which are available from the SEC- Website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances that later occur or become known to the Company , unless required by law. Persons reading this press release are cautioned not to place undue reliance on forward-looking statements.
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Riot Blockchain Hashrate Capacity Growth Updated March 2022
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Riot F’s immersion-cooled custom building
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