Riot Blockchain (RIOT) mined 355 BTC in September 2022

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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 September 2022.

Updates for the production and operation of Bitcoin

• In September 2022, Riot produced 355 BTC, a decrease of about 13% compared to the production of 406 BTC in September 2021.
• As of September 30, 2022, Riot had approximately 6,775 BTC, all produced by the company’s self-mining operations.
• In September 2022, Riot sold 300 BTC, generating net proceeds of approximately $6.1 million.
• As of September 30, 2022, Riot had a deployed fleet of 55,728 miners, with a hash rate capacity of 5.6 exahash per second (“EH/s”).

“Riot made remarkable operational progress in September, which was the final month of our participation in ERCOT’s 4CP program for the year,” said Jason Les, CEO of Riot. “We are excited to announce that Building D, the sixth building at our Rockdale facility, is now online. Our team has expanded Riot’s total deployed fleet by 9,070 miners and increased our hashrate capacity to an all-time high of 5.6 EH/s In addition, we have already received nearly 15,000 miners in the S19 series, including the latest generation of S19 XPs. In the coming months, we will remain focused on aggressively increasing our distributed hash rate as we work toward our goal ours to reach 12.5 EH/si in the first quarter of 2023.”

Mining and shipment update

Since the last monthly update, Riot has received 14,755 new S19 series miners, including the first 10,043 S19 XPs. During the month of September, Riot deployed 9,070 S19j Pros, with approximately 6,900 miners staged for deployment. Upon deployment of the staged miners, the company expects to have a total of 62,640 miners deployed with a hash rate capacity of approximately 6.4 EH/s. In addition, shipments of 5,000 S19 series miners have begun from Bitmain Technologies Limited (“Bitmain”) and are expected to be received during October 2022.

Infrastructure update

In the month of September, Riot engineering and construction teams made significant progress on the company’s 400 megawatt (“MW”) digital infrastructure expansion project.

In Building D, miner deployments have begun and engineers are 90% done installing Riot’s proprietary air cooling racks. Installation and testing of low-voltage cables has also been carried out. In Riot’s other immersion-cooled building, Building G, over half of the total mining capacity is deployed.

Estimated Hash Rate Growth

During Q1 2023, Riot expects a total self-mining 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 use of 200 MW of infrastructure immersion cooling. Pretty much the entire company’s self-extraction 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 customers.

Human resources

Riot is growing rapidly and hiring for various roles across the organization. Join our team to build, grow and secure the Bitcoin network. Browse open positions: https://www.riotblockchain.com/careers.

Conference schedule

Riot will be presenting at the following upcoming conferences:

• Gulf Coast Power Association ‘Bitcoin & Energy’ Workshop held in Austin, TX on October 3rd.
• The mining conference was held in Round Rock, Texas on October 5-6.
• TFOA (Texas Family Office Association) Symposium held in Houston, Texas on October 17th.
• LD Micro Main Event XV held in Los Angeles, California October 25-27.