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.
Bitcoin Production and Operations Updates for November 2022
- Riot produced 521 BTC, an increase of approximately 12% as compared to November 2021 production of 466 BTC.
- 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 exahash per second (“EH/s”), as of November 30, 2022.
“Riot again achieved a new record for total hash rate capacity during the month of November, resulting in our highest monthly Bitcoin production figure to date,” said Jason Les, CEO of Riot. “Despite this new level of production, expected production was approximately 660 Bitcoin given our operating hash rate over the month, assuming normalized performance of the mining pool we participate in. Variance in a mining pool can impact results and while this variance should balance out over time, can be volatile in the short term. This variance led to lower Bitcoin production than expected in the month of November, relative to our hash rate.”
“In order to ensure more predictable results going forward, Riot will be transitioning to another mining pool which offers a more consistent reward mechanism, so that Riot will fully benefit from our rapidly growing hash rate capacity as we work towards our goal of reaching 12.5 EH/s in the first quarter of 2023.”
Mining Deployment and Shipment Update
During the month of November, Riot received 10,512 new S19-series miners, increased its deployed fleet by 6,912 S19-series miners, with approximately 6,912 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 79,340 miners deployed with a hash rate capacity of approximately 9.7 EH/s. Additionally, shipments of 5,019 S19-series miners have been initiated and are expected to be received during December 2022.
Infrastructure Update
Riot’s construction and engineering teams made significant headway in November, with all exterior structures at the Rockdale Facility now complete.
In Building D, the Company’s construction team has completed installation of the air-cooling rack system, while the electrical team continues testing low voltage cables. In both Buildings D and E, Riot has begun initial installation of interior filter wall frames which maintain cool interior temperatures. In Building E, the Company completed the installation of underground water systems to support the building’s evaporate cooling walls, while the engineering team continued installations of the air-cooling rack system.
Estimated Hash Rate Growth
During Q1 2023, Riot anticipates a total self-mining hash rate capacity of 12.5 EH/s, assuming full deployment of approximately 115,450 Antminer ASICs, but excluding any potential incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Substantially all of Company’s self-mining fleet will consist of the latest generation S19-series miners. In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients.
Human Resources
Riot is currently recruiting 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://www.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 may listen to a live webcast of the Business Update call. To register for the call, click here.
