Riot Announces January 2024 Production and Operations Updates
CASTLE ROCK, Colo., Feb. 05, 2024 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in vertically integrated Bitcoin (“BTC”) mining, announces unaudited production and operations updates for January 2024.
Bitcoin Production and Operations Updates for January 2024
“Riot had a strong month in January, mining 520 Bitcoin while utilizing our unique power strategy,” said Jason Les, CEO of Riot. “Texas experienced extreme cold during the month, which led to increased demand for power. During periods of high demand, Riot’s power curtailment efforts helped to stabilize the grid and generated $3.3 Million in Power and Demand Response Credits, equivalent to approximately 77 Bitcoin based on the average price of Bitcoin during the month. Riot’s unique power strategy is central to positioning us as one of the lowest cost miners, and is a key competitive advantage, alongside our unmatched balance sheet strength and vertically integrated operations, as our industry transitions through the upcoming Bitcoin halving.
“As we approach the halving, which is expected to occur in April 2024, Riot also intends to leverage our ability to obtain Bitcoin at a significant discount to its current market price by retaining a greater proportion of our monthly Bitcoin production in the near term. This is made possible by our strong liquidity profile, and will further cement our position as one of the largest holders of Bitcoin.”
Riot is currently developing Phase 1 of the Company’s second large-scale facility, the Corsicana Facility, which will add an additional 400 megawatts (“MW”) of capacity upon completion of this initial phase. Once fully developed, the Corsicana Facility will have up to 1 gigawatt in total capacity.
The 400 MW substation is expected to be energized by the end of March 2024, and the first 100 MW building, A1, will commence operations immediately thereafter. The additional buildings comprising the 400 MW Phase 1 buildout of the Corsicana Facility will be energized, and hashing will commence, in stages over the course of 2024.
Estimated Hash Rate Growth
Riot anticipates achieving a total self-mining hash rate capacity of 29 EH/s by the end of 2024.
In June 2023, Riot entered into a long-term purchase agreement with MicroBT, which included an initial order of 33,280 Bitcoin miners for the Corsicana Facility. Effective December 1, 2023, Riot executed a second order under the MicroBT long-term purchase agreement for an additional 66,560 Bitcoin miners, primarily for the Corsicana Facility.
Collectively, the two purchase orders will add 26 EH/s to Riot’s self-mining capacity. Deployment of these miners is expected to begin in Q1 2024 and to be completed by the second half of 2025.
Upon full deployment in 2025, Riot anticipates a total self-mining hash rate capacity of 38 EH/s.
Human Resources Update
Riot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network.
Open positions are available at: https://www.riotplatforms.com/careers.
About Riot Platforms, Inc.
Riot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform. Our mission is to positively impact the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.
Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has data center hosting operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.
For more information, visit www.riotplatforms.com.
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