Riot announces production and operation in November 2022 | Daily News Byte

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CASTLE ROCK, Colo., December 5, 2022 (GLOBE NEWSWIRE) — Riot Blockchain, 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 November 2022.

November 2022 Bitcoin Production and Operations Updates

Riot produced 521 BTC, an increase of approximately 12% compared to the production of 466 BTC in November 2021.
Riot held approximately 6,897 BTC, all produced by the company’s self-mining operations, as of November 30, 2022.
Riot sold 450 BTC, generating net proceeds of approximately $8.1 million.
Riot had a deployed fleet of 72,428 miners, with a hash rate capacity of 7.7 exahashes per second (“EH/s”), as of November 30, 2022.

“Riot once again set a new record for total hash rate capacity during November, resulting in our largest monthly Bitcoin production to date,” said Riot CEO Jason Less. “Despite this new level of production, the expected production was approximately 660 Bitcoins given our operational hash rate for the month, assuming normalized performance of the mining pool we participate in.” Variance in a mining pool can affect results and while this variation should be balanced over time, it can be volatile in the short term. This variation led to lower than expected Bitcoin production in November, relative to our hash rate.

“To ensure more predictable results in the future, Riot will be moving to a different mining pool that offers a more consistent reward mechanism, so that Riot will fully benefit from our rapidly growing hash rate capacity as we work toward our goal of reaching 12.5 EH / with in the first quarter of 2023.

Mining application and delivery update

During November, Riot received 10,512 new S19 miners, increasing its deployed fleet by 6,912 S19 miners, with approximately 6,912 miners ready for deployment. After deploying the tiered miners, the Company expects to have a total of 79,340 deployed miners with a hash rate capacity of approximately 9.7 EH/s. In addition, deliveries of 5,019 S19 series miners have begun and are expected to be received during December 2022.

Infrastructure update

Riot’s construction and engineering teams made significant progress in November, with all exterior structures at the Rockdale Facility now complete.

In Building D, the Company’s construction team has completed the installation of an air-cooling racking system, while the electrical engineering team continues testing low-voltage cables. In both Buildings D and E, Riot has begun the initial installation of internal filter wall frames that maintain cool interior temperatures. In Building E, the Company completed the installation of a groundwater system to support the building’s walls for evaporative cooling, while the engineering team continued to install the air cooling system.

Estimated hash rate growth

During the first quarter of 2023, Riot predicts a total standalone mining hash rate capacity of 12.5 EH/s, assuming full deployment of approximately 115,450 Antminer ASICs, but excluding any potential productivity gains from using the 200 MW immersion infrastructure. Most of the company’s entire self-mining fleet will consist of the latest generation S19 miners. In addition to the company’s standalone mining operations, Riot has approximately 200 MW of institutional Bitcoin mining clients.

Human Resources

Riot is currently hiring for positions in the following departments: Accounting, Finance, Legal and Public Policy. Join our team in building, expanding and securing the Bitcoin network. Open positions are available at: https://vvv.riotblockchain.com/careers.

investor relations

The company is scheduled to hold a business update call on Wednesday, December 14th, 2022 at 5:30 PM EST. Investors, media, analysts and the public can listen to a live webcast of the Business Update call. To register for the call, click here.

About Riot Blockchain, 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 we touch. We believe that the combination of an innovative spirit and a strong partnership with the community enables the company to achieve best-in-class performance and create successful results.

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The company has central Texas bitcoin mining data center operations, central Texas bitcoin mining operations, and electrical switchgear engineering and manufacturing operations in Denver, Colorado.

For more information, visit www.riot.inc.

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, goals, 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 expected benefits, construction schedule and costs associated with the expansion of the Navarro site; our expected delivery schedule of new miners; our ability to successfully deploy new miners; MV capacity under development; we may not be able to realize the anticipated benefits of immersion cooling; the integration of the acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to achieve than anticipated; failure to otherwise realize the expected efficiencies and strategic and financial benefits of our acquisitions; and the impact of COVID-19 on us, our customers or our suppliers in relation to our estimated timelines. Detailed information regarding factors identified by the Company’s management that they believe could cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release can be found in the Company’s filings with the Securities and Exchange Commission of the U.S. Securities and Exchange (“SEC”), including the risks, uncertainties and other factors discussed in the sections entitled “Risk Factors” and “Caution Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for fiscal for the year ended December 31, 2021, as amended, and other filings the Company files with the SEC, copies of which may be obtained on the SEC’s website, www.sec.gov. All forward-looking statements included 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 such forward-looking statements to reflect events or circumstances. which subsequently occur, or which the Company subsequently learns about, except in cases where it is prescribed by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.