Riot Blockchain (RIOT) Announces August Production and Operations Updates

Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company"), a Nasdaq-listed industry leader in Bitcoin (“BTC”) mining and hosting, announces its August production and operations updates, including its unaudited Bitcoin production for August 2021 and its miner deployment status.

Production and Operations Updates

• In August 2021, Riot produced 441 BTC, an increase of approximately 451% over its August 2020 production of 80 BTC.
• Year to date through August 2021, the Company produced a total of 2,051 BTC, an increase of approximately 221% over its production during the same 2020 period of 639 BTC.
• As of August 31, 2021, Riot held approximately 3,128 BTC, all of which were produced by its self-mining operations.
• The Company currently has a deployed fleet of approximately 22,050 miners, with a hash rate capacity of 2.2 exahash per second (“EH/s”).

Riot plans to continue providing monthly operational updates and unaudited production results through the end of 2021. These updates are intended to keep shareholders informed of the Company’s mining and operations development as it continues to build additional Bitcoin mining infrastructure.

Miner Deployment Updates

As part of a December 2020 purchase order with Bitmain Technologies Limited (“Bitmain”), approximately 3,600 S19 Pro Antminers (110 TH) recently received at Riot’s Whinstone Facility are expected to be deployed by the end of September 2021. By the end of September 2021, Riot anticipates that it will have a total of 25,650 Antminers in operation, utilizing approximately 83 megawatts (“MW”) of energy, with an estimated hash rate capacity of 2.6 EH/s.

Infrastructure and Hash Rate Growth

The previously disclosed expansion of the Company’s Whinstone Facility continues, including delivery of the structural steel and power transformers for the expanding electrical substation. The underground and concrete infrastructure is now complete for the first new building, referenced as Building “D”, in the current four-building expansion program, while drainage installation and site access road development are well underway.

The expansion project at the Whinstone Facility includes four additional buildings, referenced as D, E, F and G, totaling approximately 240,000 sq/ft with 400 MW of capacity. This expansion is anticipated to provide the capacity to house approximately 112,000 S19 series Antminers when completed.

By Q4 2022, Riot anticipates a self-mining total hash rate capacity of 7.7 EH/s, assuming full deployment of approximately 81,150 Antminers acquired from Bitmain. Of this mining fleet, approximately 95% will be the latest generation S19 series model of miners. Upon full deployment, the Company’s total self-mining fleet is expected to consume approximately 257 MW of energy, with approximately 206 MW deployed at Riot’s Whinstone Facility and approximately 51 MW deployed at Coinmint, LLC’s facility. In addition to the Company’s self-mining operations, Whinstone hosts approximately 200 MW of institutional Bitcoin mining clients.

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