Riot Announces April 2023 Production and Operations Updates

Castle Rock, CO, May 03, 2023 (GLOBE NEWSWIRE) -- CASTLE ROCK, CO. / Globe Newswire / May 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 April 2023.

Bitcoin Production and Operations Updates for April 2023

• Riot produced 639 BTC, an increase of approximately 26% as compared to April 2022 production of 508 BTC.
• Riot held approximately 7,112 BTC as of April 30, 2023, all produced by the Company’s self-mining operations.
• Riot sold 600 BTC, generating net proceeds of approximately $17.6 million.
• Riot had a deployed fleet of 94,176 miners, with a hash rate capacity of 10.5 exahash per second (“EH/s”), as of April 30, 2023, which excludes 17,040 miners that are offline as a result of damage to Building G from the severe winter weather in late December in Texas.

“Riot produced 639 Bitcoin in the month of April, continuing our strong monthly mining results in 2023 amidst a competitive Bitcoin mining environment, thanks to the dedication and hard work of our teams,” said Jason Les, CEO of Riot. “Additionally, as we near completion of the long-term expansion project at our Rockdale Facility, our teams have been focused on operational enhancements to increase efficiency, including improving cooling in Buildings D and E through the installation of waterwalls. We also continue to work on repairs to our damaged immersion building, Building G, which remains on track to come back online in the second half of 2023.

Our Rockdale Facility is a best-in-class Bitcoin mining facility and the expertise of our teams there is also being carried over into the development of our new Corsicana Facility, which upon completion will continue our track record of building and operating premiere large-scale Bitcoin mining facilities.”

Mining Deployment Update

Riot ended the month of April with approximately 800 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 94,976 miners deployed with a hash rate capacity of approximately 10.6 EH/s (which excludes 17,040 miners currently offline in Building G).

Infrastructure Update 

Throughout the month of April, Riot’s engineering teams made significant progress towards the build out of the Company's ongoing 400 megawatt ("MW") digital infrastructure expansion project at our Rockdale Facility. In particular, in Building D, the installation of water cooling pads has been completed, while in Building E, the evaporative water wall system framing has been installed.

Estimated Hash Rate Growth

Due to the ongoing impact of damage incurred to Buildings F and G during the severe winter storms in Texas in late December, Riot now anticipates achieving a total self-mining hash rate capacity of 12.5 EH/s in the second half of 2023.

Human Resources

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.

Conference Schedule

Riot will be presenting at the following upcoming conferences:

• Needham 18^th Annual Technology & Media Conference on May 16^th in New York City. 
• Bitcoin 2023 May 18^th – 20^th in Miami.
• B. Riley 23^rd Annual Institutional Conference May 24^th – 25^th in Los Angeles.

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; M.W. 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.

Attachment

• Riot's Rockdale Facility

Alexis Brock
Riot Platforms, Inc
5129406014
PR@riot.inc

Phil McPherson
Riot Platforms, Inc.
303-794-2000 ext. 110
IR@riot.inc