Riot Blockchain Announces March 2022 Production and Operations Updates

Riot Produces a Company Record 511 Bitcoin in March 2022

Castle Rock, CO, April 05, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, announces production and operations update for March 2022, status of miner shipments and deployment, and updates on the 400 megawatt (“MW”) infrastructure expansion at the Company’s Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas (the “Whinstone Facility”).

“I am proud of the Riot team for producing a record amount of Bitcoin during the month of March,” said Jason Les, CEO of Riot. “These results demonstrate the advantages of employing a vertically integrated strategy, which provide the Company with more control over miner deployment and the ability to implement engineering solutions in real-time, leading to improved operational and financial efficiencies.”

Production Updates

• In March 2022, Riot produced 511 BTC, an increase of approximately 176%, as compared to March 2021 production of 185 BTC.
• Riot currently has a deployed fleet of approximately 42,919 miners, with a hash rate capacity of 4.3 exahash per second (“EH/s”).

Riot intends to continue providing monthly operational updates and unaudited production results for the foreseeable future or until otherwise disclosed. These updates are intended to keep shareholders informed of the Company’s progress regarding the execution of the previously announced growth in Riot’s hash rate and to keep investors apprised of the Company’s development of its Bitcoin mining infrastructure, which the Company believes is critical to de-risking its future growth plans.

Bitcoin Treasury Management Update

• As of March 31, 2022, Riot held approximately 6,062 BTC, all produced by the Company’s self-mining operations.
• In March 2022, Riot sold 200 Bitcoin at an average sales price of approximately $47,090. Proceeds from the sale equated to approximately $9.4 million.
• Riot is monitoring its balance sheet on an ongoing basis, evaluating the level of Bitcoin retained from monthly production in consideration of operational and expansion cash requirements. The Company continues to hold a long-term view on its Bitcoin holdings and believes it is in the best interest of shareholders to have strong Bitcoin holdings on its balance sheet.

Mining Deployment and Shipment Update