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Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, announces unaudited production and operational updates for December 2022.
Bitcoin Production and Operations Updates for December 2022
- Riot produced 659 BTC, an increase of about 55% compared to December 2021’s production of 425 BTC.
- Riot earned $4.9 million in electricity credits as a result of the pruning activity, which is about 290 bitcoin based on the December 2022 weighted average daily bitcoin close price of $16,967.
- Riot held approximately 6,952 BTC as of December 31, 2022, all of which were produced by the company’s own mining operations.
- Riot sold 600 BTC, raising approximately $10.2 million in net proceeds.
- As of December 31, 2022, Riot had a deployed fleet of 88,556 miners with a hash rate capacity of 9.7 exahash per second (“EH/s”).
“Riot completed a number of important milestones in December,” said Jason Les, Riot’s CEO. “We successfully deployed another 16,128 S19-series miners, taking our hash rate capacity to a new all-time high of 9.7 EH/s. Additionally, and as stated in our last monthly production update, we switched to a new mining pool in early December. Based on our expanded hash rate capacity and while working primarily in our new mining pool, Riot has set a new record of 659 Bitcoin produced over the past month.
“In late December, Texas and much of the country experienced severe winter weather (“December storm”), significantly disrupting the holiday season for many Americans. Unfortunately, some of Riot’s operations at our Rockdale facility were also impacted by the December storm as some sections of plumbing in Buildings F and G, our dive buildings, were damaged and required replacement, amounting to approximately 2.5 EH/ s our total hash rate impacted capacity. Our team is diligently working on the necessary repairs, which we expect will take a few weeks, during which time the affected hash rate will gradually come back online. Additionally, in anticipation of the December storm, Riot voluntarily curtailed operations to keep our employees safe and to help ensure the stability of the ERCOT grid at this critical time for Texans, generating an additional $4.9 million in electricity credits for Riot in December , which will further reduce our production costs.”
Mining deployment and shipping update
In December, Riot received 5,019 new S19-series miners, increasing its deployed fleet by 16,128 S19-series miners, with approximately 1,152 miners earmarked for deployment. After deploying the tiered miners, the company expects to deploy a total of 89,708 miners with a hash rate capacity of around 9.9 EH/s. In addition, shipments of 5,130 S19 series miners have been initiated and are expected to be received in January 2023.
infrastructure update
The Company is pleased to announce that Building D has been completed with final installation of the indoor water cooling frames, completion of electrical testing and deployment of miners. Progress continues in Building E, where Riot’s design and engineering teams remain focused on installing the air cooling rack system, electrical installation, and testing.
Estimated hash rate growth
During Q1 2023, Riot anticipates a total self-mining hash rate capacity of 12.5 EH/s, assuming a full deployment of approximately 115,450 Antminer ASICs, but excluding potential additional productivity gains from deploying 200 MW immersion cooling infrastructure by the company. Substantially the company’s entire self-mining fleet will consist of the latest generation S19 series miners. In addition to the company’s self-mining operations, Riot hosts approximately 200 MW of institutional bitcoin mining clients.
human resources
Riot is pleased to announce the hiring of Brian Morgenstern as Head of Public Policy. Mr. Morgenstern previously worked at the White House as deputy press secretary and deputy director of communications and at the US Treasury Department as deputy assistant secretary and will play a key role in developing and promoting policy priorities and policies for the company, as well as in interacting with local, state and federal Legislative bodies and government agencies to represent and protect Riot’s interests.
Riot is currently hiring across the company. Join our team in building, growing and securing the Bitcoin network. You can find vacancies at: https://riotplatforms.com/careers.
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