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 September
2023.
Bitcoin Production and Operations
Updates for September 2023
|
|
|
|
Comparison (%) |
Metric |
September 2023 |
August 2023 |
September 2022 |
Month/Month |
Year/Year |
Bitcoin Produced |
362 |
333 |
355 |
9% |
2% |
Average Bitcoin Produced per Day |
12.1 |
10.8 |
11.8 |
12% |
2% |
Bitcoin Held1 |
7,327 |
7,309 |
6,766 |
0% |
8% |
Bitcoin Sold |
340 |
300 |
300 |
13% |
13% |
Bitcoin Sales - Net Proceeds |
$9.0 million |
$8.6 million |
$6.1 million |
4% |
46% |
Average Net Price per Bitcoin Sold |
$26,379 |
$28,617 |
$20,437 |
-8% |
29% |
Deployed Hash Rate1 |
10.9 EH/s2 |
10.7 EH/s2 |
5.6 EH/s |
2% |
95% |
Deployed Miners1 |
98,6942 |
95,9042 |
55,728 |
3% |
77% |
Power Credits3,5 |
$11.0 million6 |
$24.1 million6 |
$1.0 million |
-54% |
949% |
Demand Response Credits4,5 |
$2.5 million6 |
$7.5 million6 |
$0.2 million |
-67% |
979% |
|
|
|
|
|
|
- As of end of month.
- Exahash per second (“EH/s”).
Excludes 14,250 miners in September 2023 and 17,040 miners in
August 2023 that are offline as a result of damage to Building G
from the severe winter weather in late December 2022 in Texas.
- Power curtailment credits received
from the Company’s ability, under its long-term power contracts, to
sell pre-purchased power back to its utility provider at
market-driven spot prices.
- Credits received from participation
in ERCOT demand response programs.
- The Company will disclose this
figure in its monthly updates if it exceeds $1 million for the
current month.
- Power Credits and Demand Response
Credits for August and September 2023 are estimates.
“September represented another significant month
for Riot as we were able to clearly demonstrate the value of
Bitcoin mining while contributing to the stability of the ERCOT
electrical grid,” said Jason Les, CEO of Riot. “Our mining
operations produced 362 Bitcoin during the month, and by
strategically curtailing mining operations, we also received $11.0
million in Power Credits pursuant to our long-term power contracts
with our utility provider, and $2.5 million in Demand Response
Credits from participating in ERCOT’s ancillary services program.
Combined, total Power and Demand Response Credits received equate
to approximately 511 Bitcoin based on the average price of Bitcoin
in September.
“When coupled with our ability to be a flexible
user of power, Riot’s sizeable long-term, fixed-price power
contracts represent a differentiated advantage for the Company,
while simultaneously making electrical capacity available to the
grid when it is most needed, ensuring customers do not experience
disruptions in service during periods of increased power
demand.
“At our Rockdale Facility, our operations teams
have begun installation of replacement dry coolers in Building G,
one of our immersion buildings, and hash rate has started to ramp
back up. Our hash rate capacity will continue to increase as miners
in Building G are energized, until the building returns to its full
capacity of 2.4 EH/s in November, bringing Riot’s total self-mining
hash rate capacity to 12.5 EH/s.”
Estimated Hash Rate Growth
The Company has entered into a long-term
purchase agreement with MicroBT, which includes an initial order of
7.6 EH/s of next-generation Bitcoin miners for its Corsicana
Facility. Upon full deployment of this initial order by mid-2024,
Riot’s total self-mining hash rate capacity is expected to reach
20.1 EH/s.
Riot’s Power Strategy Continues to
Assist in Stabilization of Texas Energy Grid During Summer Heat
Wave
Texas experienced another month of extreme heat
in September 2023, causing demand and prices for electricity to
spike. Riot continued to execute on its power strategy during the
month, curtailing on days of peak demand and forgoing revenue from
its Bitcoin mining operations to instead provide energy resources
to ERCOT. The Company’s curtailment of operations continued to
contribute to reducing overall power demand to help ensure that
consumers did not experience interruptions in service.
Conference Schedule:
- Pacific Bitcoin held in Los Angeles, October 5th –
6th.
- Bitcoin Amsterdam held in Amsterdam, October 12th – 13th.
- AIM Summit held in Dubai, October 30th – 31st.
Human Resources
Update
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://www.riotplatforms.com/careers.
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 data center hosting 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; the impact of weather
events on our operations and results; our ability to successfully
deploy new miners; the variance in our mining pool rewards may
negatively impact our results of Bitcoin production; megawatt
(“MW”) 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, 2022, 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.
Investor Contact:
Phil McPherson 303-794-2000 ext.
110 IR@Riot.Inc
Media Contact: Alexis Brock 303-794-2000 ext.
118PR@Riot.Inc
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