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Riot Announces October 2023 Production and Operations Updates
Source: Nasdaq GlobeNewswire / 07 Nov 2023 15:45:00 America/Chicago
CASTLE ROCK, Colo., Nov. 07, 2023 (GLOBE NEWSWIRE) -- CASTLE ROCK, COLO. / Globe Newswire / November 3, 2023 / 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 October 2023.
Bitcoin Production and Operations Updates for October 2023
Comparison (%) Metric October 2023 September 2023 October 2022 Month/Month Year/Year Bitcoin Produced 458 362 509 26% -10% Average Bitcoin Produced per Day 14.8 12.1 16.4 22% -10% Bitcoin Held 1 7,345 7,327 6,825 0% 8% Bitcoin Sold 440 340 450 29% -2% Bitcoin Sales - Net Proceeds $12.5 million $9.0 million $8.7 million 39% 44% Average Net Price per Bitcoin Sold $28,408 $26,379 $19,339 8% 47% Deployed Hash Rate 1 11.7 EH/s 2 10.9 EH/s 2 6.9 EH/s 8% 71% Deployed Miners 1 106,674 2 98,694 2 65,516 8% 63% Power Credits 3,5 $1.0 million 6 $11.0 million 6 $0.2 million -91% 469% Demand Response Credits 4,5 $1.8 million 6 $2.6 million 6 $0.5 million -31% 261% 1. As of month end. 2. Exahash per second (“EH/s”). Excludes 6,270 miners in October 2023 and 14,250 miners in September 2023 that are offline as a result of damage to Building G from the severe winter weather in late December 2022 in Texas. 3. Power curtailment credits. 4. Credits received from participation in ERCOT demand response programs. 5. The Company intends to disclose this figure in its monthly updates if it exceeds $1 million for the current month. 6. Power Credits and Demand Response Credits for September and October 2023 are estimates. “October was another strong month for Riot as we continued to focus on adding and optimizing hash rate,” said Jason Les, CEO of Riot. “Riot’s mining operations generated 458 Bitcoin during the month, an increase of 26% over September’s production. As temperatures cooled in Texas in October, grid demand decreased and therefore we ramped up our mining operations while still generating Power and Demand Response Credits through our power strategy. Combined, Power and Demand Response Credits received equate to approximately 93 Bitcoin based on the average price of Bitcoin during the month. Our total hash rate also increased thanks to continued progress in repairs to one of our immersion buildings, Building G. All of the replacement dry coolers for Building G have now been received, and hash rate there will increase as our team completes installation of the remaining dry coolers during November.
“During October, MicroBT announced the launch of their latest generation M60 series miner. As part of our first purchase order with MicroBT announced in June, Riot will now receive some M60 series miners in place of the previously agreed M50 series. With this update, Riot’s fleet will continue to be at the leading edge of new technological developments, and in conjunction with our low cost of production and unmatched balance sheet strength, will strongly position us ahead of the upcoming halving.”
Estimated Hash Rate Growth
In June 2023, Riot entered into a long-term purchase agreement with MicroBT, which included an initial order of 33,280 Bitcoin miners for its Corsicana Facility. This initial order has recently been updated to replace approximately 6,000 MicroBT M56S++ miners with approximately 6,000 MicroBT M66 miners. Upon full deployment of this initial order by mid-2024, Riot’s total self-mining hash rate capacity is expected to reach 20.2 EH/s.
Conference Schedule:
- 12th Annual Roth MKM Technology Event held in New York City, November 15th.
- North American Blockchain Summit held in Fort Worth, November 15th – 17th.
- Wells Fargo TMT Conference held in Palos Verdes, CA, November 28th – 30th.
Investor Events
Riot will report third quarter 2023 financial results on Wednesday, November 8th after the market close.
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.IncMedia Contact:
Alexis Brock
303-794-2000 ext. 118
PR@Riot.IncAn Excel table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a8be2f5-89fc-4008-8bdd-1d979b653ae6
