Riot Announces January 2023 Production and Operations Updates

Riot Produces New All-Time High of 740 Bitcoin in January 2023 and Provides Infrastructure Update

Castle Rock, CO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, 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 January 2023.

Bitcoin Production and Operations Updates for January 2023

• Riot produced 740 BTC, an increase of approximately 62% as compared to January 2022 production of 458 BTC.
• Riot held approximately 6,978 BTC as of January 31, 2023, all produced by the Company’s self-mining operations.
• Riot sold 700 BTC, generating net proceeds of approximately $13.7 million.
• Riot had a deployed fleet of 82,656 miners, with a hash rate capacity of 9.3 exahash per second (“EH/s”), as of January 31, 2023.
• Riot’s deployed fleet excludes 17,040 miners that are offline as a result of damage to Building G from the severe winter weather in late December in Texas.

“I am proud to announce that Riot’s track record with month-over-month increases in total Bitcoin production continued, with a new all-time high of 740 Bitcoin produced in January. Despite a reduction in our deployed fleet and hash rate capacity driven by recent damage to our Rockdale Facility, Riot has continued to deliver new record highs, mining more Bitcoin in January than in any month prior,” said Jason Les, CEO of Riot.

“As previously disclosed, some sections of piping in Buildings F and G were damaged during the severe winter storms in Texas in late December, impacting approximately 2.5 EH/s of our hash rate capacity. Repairs have been ongoing in both buildings, and we have successfully brought Building F back online, representing 0.6 EH/s of impacted hash rate capacity. We are thankful for our team’s progress, despite difficult weather conditions, and are evaluating several options to bring online the approximately 1.9 EH/s of hash rate capacity still affected in Building G.

“Unfortunately, as a result of this damage, our previously announced target of reaching 12.5 EH/s in total hash rate capacity in Q1 2023 is expected to be delayed. We will provide additional updates as we obtain greater clarity on the impact to our planned deployment schedule. In the meantime, the remaining infrastructure build-out at our Rockdale Facility continues to progress, with Building E now at 50% completion and on track to be fully completed this quarter, and we are continuing to execute on the expansion at our Corsicana Facility.”