Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an
industry leader in vertically integrated Bitcoin (“BTC”) mining,
announces unaudited production and operations updates for May
2024.
Bitcoin Production and Operations
Updates for May 2024
|
|
|
|
Comparison (%) |
Metric |
May 20241,2 |
April 20242 |
May
2023 |
Month/Month |
Year/Year |
Bitcoin Produced |
215 |
375 |
676 |
-43% |
-68% |
Average Bitcoin Produced per Day |
6.9 |
12.5 |
21.8 |
-45% |
-68% |
Bitcoin Held3 |
9,084 |
8,872 |
7,190 |
2% |
26% |
Bitcoin Sold |
- |
- |
600 |
N/A |
N/A |
Bitcoin Sales - Net Proceeds |
- |
- |
$16.5 million |
N/A |
N/A |
Average Net Price per Bitcoin Sold |
N/A |
N/A |
$27,568 |
N/A |
N/A |
Deployed Hash Rate - Rockdale3 |
11.5
EH/s |
12.4
EH/s |
10.5 EH/s |
-7% |
10% |
Deployed Hash Rate - Corsicana3 |
3.1
EH/s |
0.2
EH/s |
- |
1,742% |
N/A |
Deployed Hash Rate - Total3 |
14.7 EH/s |
12.6 EH/s |
10.5
EH/s |
17% |
39% |
Avg. Operating Hash Rate - Rockdale4 |
7.4
EH/s |
8.6
EH/s |
7.3 EH/s |
-14% |
1% |
Avg. Operating Hash Rate - Corsicana4 |
1.4
EH/s |
0.2
EH/s |
- |
744% |
N/A |
Avg. Operating Hash Rate - Total4 |
8.8 EH/s |
8.8 EH/s |
7.3
EH/s |
-0% |
20% |
Power Credits5 |
$4.2
million |
$0.9
million |
$0.5 million |
383% |
686% |
Demand Response Credits6 |
$3.1
million |
$1.2
million |
$2.3 million |
145% |
35% |
Total Power Credits |
$7.3 million |
$2.1 million |
$2.8 million |
244% |
160% |
|
|
|
|
|
|
- May 2024 reflects the first full
month of reduced block rewards after the April 2024 Bitcoin
halving.
- Unaudited, estimated.
- As of month-end.
- Average for the month.
- Estimated power curtailment
credits.
- Estimated credits received from
participation in ERCOT demand response programs.
“Riot made significant progress towards its 2024
hash rate growth targets during the month of May as operations
ramped up at our second mining facility outside of Corsicana,
Texas,” said Jason Les, CEO of Riot. “The first 100 MW building at
our Corsicana Facility, Building A1, is now fully developed and
miner deployment is nearing completion. A substantial portion of
these miner deployments occurred towards the end of the month, and
in total added 3.1 EH/s to Riot’s self-mining capacity, bringing
Riot’s total self-mining capacity to 14.7 EH/s.
“We have been extremely pleased with the
performance of the immersion systems and MicroBT miners at our
Corsicana Facility during these first few weeks of operations, and
we are seeing strong results for uptime amidst varying operating
conditions. Our attention now turns to miner deployment in our
second 100 MW building at Corsicana, Building A2, beginning in
June.
“Riot’s unique power strategy, which we
typically employ most actively in the summer months, has already
started to demonstrate significant results for this year,
generating approximately $7.3 million in Power and Demand Response
Credits in May. This strategy continues to represent a key
competitive advantage for Riot in further reducing our cost to
mine.”
Operations Update
At the Rockdale Facility, teams have begun
deinstalling problematic miner models, and deployments of new
MicroBT M60S miners have commenced. As a result, deployed hash rate
in May at the Rockdale Facility temporarily decreased by
approximately 850 PH/s month over month. Deployments of the new
M60S miners are expected to continue and accelerate through the
month of June.
At the Corsicana Facility, a lightning strike
occurred in May which resulted in the decision to pause all
operations for a period of approximately three days, out of an
abundance of caution, while all systems were assessed. Once it was
confirmed that lightning protection systems functioned as
anticipated, mining operations resumed.
Infrastructure Update
Riot is currently developing Phase 1 of the
Company’s second large-scale facility, the Corsicana Facility,
which is expected to total 400 megawatts (“MW”) of developed mining
capacity upon completion of this initial phase. Once fully
developed, the Corsicana Facility is expected to total 1 gigawatt
(1,000 MWs) in total developed mining capacity.
In May, the immersion tanks in Building A1 were
fully deployed and nearly all miners in the building have been
energized. Additionally, during the month, the structure for
Building A2 was completed and deployment of miners and immersion
tanks has commenced.
Development for the third building at Corsicana,
Building B1, continued on schedule with the building structure now
fully erected and concrete slab pouring in progress. Installation
of immersion tanks is expected to begin during the month of
June.
Estimated Hash Rate
Growth
Riot anticipates achieving a total self-mining
hash rate capacity of 31 EH/s by the end of 2024.
As previously disclosed, in June 2023, Riot
entered into a long-term master purchase agreement with MicroBT,
which included an initial order of 33,280 immersion miners for the
Corsicana Facility. Effective December 1, 2023, Riot executed a
second order under the MicroBT master agreement for an additional
66,560 immersion miners, primarily for the Corsicana Facility. In
February 2024, Riot entered into a third order with MicroBT, for
31,500 air-cooled miners for the Rockdale Facility. Approximately
17,000 miners in the third order are expected to replace
underperforming machines currently operating in the facility, and
the deployment of the remaining 14,500 miners will contribute
additional hash rate capacity to our self-mining operations at the
Rockdale Facility.
Collectively, the three purchase orders will add
an anticipated 28 EH/s to Riot’s self-mining capacity. Deployment
of the miners intended for the Corsicana Facility has begun and is
estimated to be completed by the second half of 2025. Deployment of
the miners intended for the Rockdale Facility has begun and is
expected to be completed in Q3 2024.
Upon full deployment in 2025, Riot anticipates a
total self-mining hash rate capacity of 41 EH/s.
Human Resources
Update
Riot is pleased to announce that CEO of ESS
Metron, Stephen Howell, has been appointed Chief Operating Officer
of the Company and will continue to oversee ESS Metron, Riot’s
wholly owned electrical engineering and manufacturing subsidiary.
Stephen brings a wealth of experience and expertise to Riot’s
operations leadership with a career spanning over two decades in
electrical engineering and power generation.
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 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 Corsicana 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, 2023, 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.
118 PR@Riot.Inc
Photos accompanying this announcement are
available at
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