Riot shares production of 227 Bitcoin for May 2021 and shipments of 1,000 S19 Pro Antminers

Castle Rock, CO, June 10, 2021 (GLOBE NEWSWIRE) – Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or the “Company”), a leading Nasdaq-listed bitcoin Mining company in the United States, announces its production and operational updates in May, including its unaudited Bitcoin (“BTC”) production for May 2021 and its latest miner delivery status.

Production and operational updates

  • In May 2021, Riot produced 227 BTC, an increase of about 220% from its production of 71 BTC in May 2020.

  • For the year to date through May 2021, the company produced a total of 924 BTC, an increase of around 101% over its BTC production before halving 460 BTC over the same period of 2020.

  • May 2021, Riot held around 2,000 BTC, all of which were produced by its mining operations.

The company plans to continue providing monthly operational updates and unchecked production results through the end of 2021. These updates are designed to keep shareholders informed of Riot’s mining production as the company continues to deploy its growing fleet of miners.

Whinstone acquisition completed

May 2021, Riot announced that it had completed its previously announced acquisition of Whinstone US (“Whinstone”). Whinstone’s Bitcoin mining facility in Rockdale, TX is the largest Bitcoin mining facility in North America by its 300 MW developed capacity. The company announced plans to immediately begin further development of additional capacity at Whinstone to rapidly bring the property to its current capacity of 750 MW. This expansion is being driven by Whinstone’s industry-leading development team of over 100 people.

Whinstone’s comprehensive energy management strategy delivers best-in-class net energy costs of approximately 2.5 cents per kWh using state-of-the-art technology and extensive analytics to deliver industry-leading low-cost, reliable and responsive energy.

The story goes on

Current miner deliveries

As part of an order from Bitmain in December 2020, 1,000 S19 Pro Antminers (110 TH) were delivered at the end of May 2021. Installation of the 1,000 miners is expected to be completed in Q2 2021, and once additional miners are fully deployed with the existing Riot fleet, Riot will have a total of 23,946 Antminers in operation, consuming approximately 76 megawatts (“MW”) of energy, with one estimated hash rate capacity of 2.4 exahash per second (“EH / s”).

These 1,000 S19 Pro Antminers will be deployed at the Whinstone plant along with the previously announced delivery of 6,500 Antminers. Riot continues to receive miner supplies from Bitmain as planned.

Hash rate growth

By Q4 2022, Riot expects a total hash rate capacity of 7.7 EH / s assuming full deployment of its projected fleet of approximately 81,146 Antminers acquired by Bitmain, 95% of which are the latest generation of miners will be the S19 series. When fully deployed, the company’s total fleet is expected to consume approximately 257.6 MW of energy, with approximately 208 MW used at Riot’s Whinstone facility and approximately 51 MW at Coinmint LLC’s facility. This results in an overall hash rate efficiency of 33 joules per terahash (J / TH). This shows Riot’s commitment to leading the market by building one of the largest and most efficient bitcoin mining fleets in the industry.

Sale of Coinsquare shares

As previously announced, Riot has completed purchase transactions with Mogo Inc. (NASDAQ: MOGO), which will cumulatively acquire 100% of Riot’s 3.4 million common shares of Coinsquare Ltd. purchased shares for a total of 3.2 million common shares of Mogo, plus approximately $ 1.8 million in cash. With this transaction, Riot has now completely sold its stake in Coinsquare.

About Riot Blockchain, Inc.

Riot Blockchain (NASDAQ: RIOT) focuses on cryptocurrency mining of Bitcoin. The company is expanding and modernizing its mining operations by securing the most energy efficient miners available today. Riot is headquartered in Castle Rock, Colorado, and the company’s mining operations are in New York State under a co-location hosting agreement with Coinmint. More information is available at www.RiotBlockchain.com.

Safe haven

The information provided in this press release may contain forward-looking statements within the meaning of US securities laws, including the effects of the Company’s acquisition of Whinstone and the future financial performance and operations of the Company and Whinstone. Because such statements are subject to risks and uncertainties, actual results could differ materially from those expressed or implied in such forward-looking statements. Words such as “expects,” “believes,” “plans,” “expects,” “intends,” “will,” “potentially,” “hopes” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on the company’s current expectations and include assumptions that may never materialize or prove to be incorrect. The actual results and the timing of events could differ materially from those anticipated in such forward-looking statements due to various risks and uncertainties. These forward-looking statements may include, but are not limited to, statements about the benefits of the Whinstone acquisition, including financial and operating results, as well as the company’s plans, goals, expectations and intentions. Risks and uncertainties that could cause actual results to differ from those in forward-looking statements include: (1) the integration of the Company’s and Whinstone’s businesses may not be successful, or such integration may take longer or more difficult , time consuming or more costly than expected; and (2) failure to otherwise obtain the anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone. For detailed information about other factors that could cause actual results to differ materially from those expressed or implied in this press release, see the company’s filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021 and subsequently amended to a filing with the SEC on April 30, 2021 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which was filed with the SEC on May 17, 2021, and the additional risk factors set forth in the Company’s most recent report on Form 8-K, filed with the SEC on May 26, 2021, and copies thereof n can be found on the SEC website at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date of this press release, and the company undertakes no obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, or of which the company subsequently becomes aware , this is required by law.

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CONTACT: Investor Contact – Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 IR@riotblockchain.com PR Contact Riot Blockchain, Inc. PR@riotblockchain.com