Riot Announces April 2024 Production and Operations Updates

CASTLE ROCK, Colo., May 06, 2024 (GLOBE NEWSWIRE) -- 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 April 2024.

Bitcoin Production and Operations Updates for April 2024 

						Comparison (%)
Metric		April 2024 1	March 2024 1	April 2023		Month/Month	Year/Year
Bitcoin Produced		375	425	639		-12%	-41%
Average Bitcoin Produced per Day		12.5	13.7	21.3		-9%	-41%
Bitcoin Held 2		8,872	8,490	7,112		4%	25%
Bitcoin Sold		-	-	600		N/A	N/A
Bitcoin Sales - Net Proceeds		-	-	$17.6 million		N/A	N/A
Average Net Price per Bitcoin Sold		N/A	N/A	$29,263		N/A	N/A
Deployed Hash Rate 2		12.6 EH/s	12.4 EH/s	10.5 EH/s		1%	19%
Average Operating Hash Rate		8.8 EH/s	8.6 EH/s	7.9 EH/s		3%	11%
Power Credits 3		$0.9 million	$0.5 million	$0.1 million		77%	542%
Demand Response Credits 4		$1.2 million	$0.8 million	$1.6 million		61%	-23%

1. Unaudited, estimated.
2. As of month-end.
3. Estimated power curtailment credits.
4. Estimated credits received from participation in ERCOT demand response programs.

“In April, Riot achieved a major milestone with the energization of our second dedicated Bitcoin mining facility located in Corsicana, Texas, which occurred just ahead of the recent ‘halving’ on April 20^th, 2024,” said Jason Les, CEO of Riot. “We have already started to bring hash rate online in the first 100 MW building, Building A1, at our Corsicana Facility, and continue to develop three additional 100 MW buildings which will be completed this year. All of the buildings developed at this new facility will operate latest-generation MicroBT immersion-cooled miners.

“The development of the first 400 MW of infrastructure at our Corsicana Facility is expected to bring Riot’s self-mining capacity to 31 EH/s by the end of this year, more than doubling our current hash rate capacity and enhancing Riot’s operating efficiency as a result of the high-quality design and immersion cooling systems which are being deployed there. Following this development, the Corsicana Facility will still retain an additional 600 MW of capacity available for future development and growth of Riot’s Bitcoin mining operations.”

Infrastructure Update

Riot is currently developing Phase 1 of the Company’s second large-scale facility, the Corsicana Facility, which is expected to have 400 megawatts (“MW”) of developed mining capacity upon completion of this initial phase. Once fully developed, the Corsicana Facility is expected to have 1 gigawatt (1,000 MWs) in total developed mining capacity.

In April, the 345 kV and 138 kV substations totaling 400 MW of capacity were energized. These substations are now supplying power to the Corsicana Facility. The structure of Building A1 has been completed, and immersion tanks and dry coolers have been installed to service the immersion systems within. Miners will continue to be energized in Building A1 throughout the month of May.

Development is also progressing on the second 100 MW building at the Corsicana Facility, Building A2, with the concrete slab nearing completion and commencement of the building construction underway. All miners for Building A2 have been received on site. Development has also begun on the third 100 MW building, Building B1, with the footers being poured during the month of April.

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 is expected to begin in Q2 2024 and be completed in Q3 2024.

Upon full deployment in 2025, Riot anticipates a total self-mining hash rate capacity of 41 EH/s.

Conference Schedule:

• Bitcoin Asia in Hong Kong, on May 9^th – 10^th.
• D.C. Blockchain Summit, in Washington D.C., on May 15^th.
• B. Riley 24^th Annual Institutional Investor Conference held in Los Angeles, CA on May 22^nd-23^rd.
• Alliance Berstein 40^th Annual Strategic Decisions Conference held in New York, New York on May 29^th.

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 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

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