Riot Announces November 2022 Production and Operations Updates

Riot Produces Record 521 Bitcoin and Achieves New All-Time High Hash Rate Capacity in November 2022

Castle Rock, CO, Dec. 05, 2022 (GLOBE NEWSWIRE) -- 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.