Riot Blockchain (RIOT) produced 355 BTC in Sept.

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 September 2022.

Bitcoin Production and Operations Updates

• In September 2022, Riot produced 355 BTC, a decrease of approximately 13% as compared to September 2021 production of 406 BTC.
• As of September 30, 2022, Riot held approximately 6,775 BTC, all produced by the Company’s self-mining operations.
• In September 2022, Riot sold 300 BTC, generating net proceeds of approximately $6.1 million.
• As of September 30, 2022, Riot had a deployed fleet of 55,728 miners, with a hash rate capacity of 5.6 exahash per second (“EH/s”).

“Riot made remarkable operational progress this September, which was the last month of our participation in ERCOT’s 4CP program for the year,” said Jason Les, CEO of Riot. “We are thrilled to announce that Building D, the sixth building at our Rockdale facility, is now online. Our team has expanded Riot’s total deployed fleet by 9,070 miners and increased our hash rate capacity to an all-time high of 5.6 EH/s. Additionally, we have already received nearly 15,000 S19-series miners, including the newest generation S19 XPs. In the coming months, we will remain focused on aggressively increasing our deployed hash rate as we work towards our goal of reaching 12.5 EH/s in the first quarter of 2023.”

Mining Deployment and Shipment Update

Since its last monthly update, Riot received 14,755 new S19-series miners, including the first 10,043 S19 XPs. During the month of September, Riot deployed 9,070 S19j Pros, with approximately 6,900 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 62,640 miners deployed with a hash rate capacity of approximately 6.4 EH/s. Additionally, shipments of 5,000 S19-series miners have been initiated out of Bitmain Technologies Limited (“Bitmain”) and are expected to be received during October 2022.

Infrastructure Update

For the month of September, Riot engineering and construction teams made significant progress on the Company's 400 megawatt ("MW") digital infrastructure expansion project.

In Building D, miner deployments have begun, and engineers are 90% complete with installing Riot's proprietary air-cooling rack system. Installation and testing of low voltage cables have also been completed. In Riot's second immersion-cooled building, Building G, over half of total miner capacity has been deployed.

Estimated Hash Rate Growth

During 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 miners. In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients.

Human Resources

Riot is growing fast and hiring for various roles across the organization. Join our team in building, expanding, and securing the Bitcoin Network. Browse open positions: https://www.riotblockchain.com/careers.

Conference Schedule

Riot will be presenting at the following upcoming conferences:

• Gulf Coast Power Association ‘Bitcoin & Energy’ Workshop held in Austin, TX on October 3rd.
• The Mining Conference held in Round Rock, Texas on October 5th – 6th.
• TFOA (Texas Family Office Association) Symposium held in Houston, Texas on October 17th.
• LD Micro Main Event XV held in Los Angeles, California on October 25 – 27th.

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