FREE Breaking News Alerts from StreetInsider.com!
StreetInsider.com Top Tickers, 9/7/2022
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 August 2022.
Bitcoin Production and Operations Updates
“August was another successful month for Riot in which we continued to make significant progress on the expansion of our Rockdale facility, including the deployment of an additional 6,347 S19j Pros in our immersion-cooled buildings, and producing Bitcoin while further contributing to grid stability in Texas through the continued exercise of our proprietary power strategy,” said Jason Les, CEO of Riot. “The significant benefits received in August from this strategy enhance our already industry-leading position as a low-cost producer, and further strengthen our solid financial position, providing us with ample resources to fund our compelling growth opportunities as we drive Riot towards our vision of becoming the world’s leading Bitcoin-driven platform.”
Mining Deployment and Shipment Update
Since its last monthly update, Riot received an additional 9,326 new S19j Pros and deployed 6,347 S19j Pros in its immersion-cooled buildings, with an additional 6,336 miners staged for deployment. Additionally, shipments of 10,193 S19j Pros have been initiated out of Bitmain Technologies Limited (“Bitmain”) and are expected to be received during September 2022. Upon deployment of the staged miners, the Company expects to have a total of 52,994 miners deployed with a hash rate capacity of approximately 5.4 EH/s.
Throughout the month of August, Riot’s engineering and construction teams worked to advance the digital infrastructure expansion project at Riot’s Rockdale Facility.
Interior construction is nearing completion in Buildings D and E, Riot’s newest two air-cooled buildings. In Building D, engineers are working to complete installation of Riot’s and ESS Metron’s custom designed air-cooling rack system. Louvers that provide and maintain proper airflow in the structure have been installed. Testing of the medium voltage transformers is completed in Building E.
Building F, Riot’s first immersion-cooling building, continues to operate successfully. The Company’s second immersion-cooling building, Building G, water cooling system is now 95% complete as additional dry-coolers and water pumps have been installed. Miner deployments continue in Building G, and additional miners have been placed and await deployment.
Estimated Hash Rate Growth
By Q1 2023, Riot anticipates a total self-mining hash rate capacity of 12.5 EH/s, assuming full deployment of approximately 115,450 Antminer ASICs, but excluding any potential incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Substantially all of Company’s self-mining fleet will consist of the latest generation S19 series miner model. In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients.
The Company is pleased to announce the hiring of Frank Durant, as Vice President of Field Operations at Ferrie Franzmann Industries, LLC (d/b/a ESS Metron) (“ESS Metron”), a wholly owned subsidiary of Riot. Mr. Durant’s expertise is in the areas of safety, finance, grid technology, renewable energy, and system operations. Mr. Durant’s reputation is well developed and has been recognized throughout his career as a leader in the energy industry. The Company believes his knowledge and extensive experience will contribute to additional growth and expansion of new service opportunities at ESS Metron.
Riot will be presenting at the following upcoming conferences:
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds – and more!