Riot Platforms (RIOT) Report August 2023 Production and Operations Updates
Riot Platforms, Inc. (RIOT) reveals unaudited production and operations updates for August 2023.
Bitcoin Production and Operations Updates for August 2023
| Contrast (%) | ||||||
| Metric | August 2023 | July 2023 | August 2022 | Month/Month | Year/Year | |
| Bitcoin Produced | 333 | 410 | 374 | -19% | -11% | |
| Typical Bitcoin Produced each day | 10.8 | 13.2 | 12.1 | -19% | -11% | |
| Bitcoin Held 1 | 7,309 | 7,275 | 6,720 | 0% | 9% | |
| Bitcoin Sold | 300 | 400 | 350 | -25% | -14% | |
| Bitcoin Sales – Net Earnings | $ 8.6 million | $ 12.1 million | $ 7.7 million | -29% | 12% | |
| Typical Net Cost per Bitcoin Sold | $ 28,617 | $ 30,293 | $ 21,926 | -6% | 31% | |
| Released Hash Rate 1 | 10.7 EH/s 2 | 10.7 EH/s 2 | 4.8 EH/s | 0% | 123% | |
| Released Miners 1 | 95,904 2 | 95,904 2 | 46,658 | 0% | 106% | |
| Power Credits 3,5 | $ 24.2 million 6 | $ 6.0 million 6 | $ 3.0 million | 303% | 709% | |
| Need Reaction Credits 4,5 | $ 7.4 million 6 | $ 1.8 million 6 | $ 0.2 million | 316% | 2,933% | |
| ¹ Since end of month. ² Exahash per 2nd (” EH/s”). Excludes 17,040 miners that are offline as an outcome of damage to Structure G from the serious winter season weather condition in late December 2022 in Texas. ³ Power curtailment credits gotten from the Business’s capability, under its long-lasting power agreements, to offer power back to the ERCOT grid at market-driven area rates. â´ Credits gotten from involvement in ERCOT need reaction programs. âµ The Business divulges this figure in its month-to-month updates if it surpasses $1 million for the present month. ⶠPower Credits and Need Reaction Credits for July and August 2023 are price quotes. |
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” August was a landmark month for Riot in showcasing the advantages of our distinct power technique,” stated Jason Les, CEO of Riot. “Riot attained a brand-new month-to-month record for Power and Need Reaction Credits, amounting to $31.7 million in August, which exceeded the overall quantity of all Credits gotten in 2022. Based upon the typical Bitcoin rate in August, Power and Need Reaction credits got related to around 1,136 Bitcoin. The results of these credits considerably lower Riot’s expense to mine Bitcoin and are a crucial element in making Riot among the most affordable expense manufacturers of Bitcoin in the market. Riot’s power technique is a crucial competitive benefit, and when put along with our strong monetary position and effective miner fleet, put Riot in a leading position heading into the upcoming Bitcoin ‘cutting in half’ occasion next year.”
Approximated Hash Rate Development
As formerly divulged, Riot remains in the procedure of fixing damage sustained in Structure G throughout the serious winter season storm in Texas in December 2022, and Riot now prepares for attaining an overall self-mining hash rate capability of 12.5 EH/s at its Rockdale Center by the end of 2023.
The Business has actually likewise participated in a long-lasting purchase contract with MicroBT, that includes a preliminary order of 7.6 EH/s of next-generation Bitcoin miners for its Corsicana Center. Upon complete release of this preliminary order by mid-2024, Riot’s overall self-mining hash rate capability is anticipated to reach 20.1 EH/s.
Riot’s Power Technique Assists in Stabilization of Texas Energy Grid Throughout August Heat Wave
Texas experienced another month of severe heat in August 2023, triggering need for electrical energy to increase, in many cases approaching overall offered supply. Riot continued to perform its power technique by cutting its power use by more than 95% throughout durations of peak need, passing up profits from its Bitcoin mining operations to rather supply energy resources to ERCOT. The Business’s curtailment of operations meaningfully added to minimizing general power need in ERCOT, assisting to guarantee that customers did not experience disturbances in service.
To find out more on Riot’s power technique, please describe the Business’s upgraded Business Discussion, offered on the Business’s site
Conference Arrange:
- 3 rd Yearly Needham Crypto Conference, on September 7 th held essentially.
- 25 th Yearly H.C. Wainwright Global Financial Investment Conference, on September 11 th and 12 th in New York City.
- Northland Capital Markets Institutional Financier Conference, on September 19 th held essentially.
Legal Update
Riot is happy to reveal that on August 25, 2023, the New Jersey District Court dismissed Creighton Takata’s investor class action versus Riot with bias leading to the last termination of all claims. This triumph is another example of Riot’s aggressive position and decision to dominate when prosecuting matters.
Human Resources Update
Riot is presently hiring for positions throughout the Business. Join our group in structure, broadening, and protecting the Bitcoin network.
Open positions are offered at: https://www.riotplatforms.com/careers
About Riot Platforms, Inc.
Riot’s (RIOT) vision is to be the world’s leading Bitcoin-driven facilities platform.
Our objective is to favorably affect the sectors, networks, and neighborhoods that we touch. Our company believe that the mix of an ingenious spirit and strong neighborhood collaboration enables the Business to accomplish best-in-class execution and develop effective results.
Riot is a Bitcoin mining and digital facilities business concentrated on a vertically incorporated technique. The Business has information center hosting operations in main Texas, Bitcoin mining operations in main Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.
To find out more, go to www.riotplatforms.com
Safe Harbor
Declarations in this news release that are not historic realities are positive declarations that show management’s present expectations, presumptions, and price quotes of future efficiency and financial conditions. Such declarations count on the safe harbor arrangements of Area 27A of the Securities Act of 1933 and Area 21E of the Securities Exchange Act of 1934. Due to the fact that such declarations undergo dangers and unpredictabilities, real outcomes might vary materially from those revealed or suggested by such positive declarations. Words such as “prepares for,” “thinks,” “strategies,” “anticipates,” “means,” “will,” “prospective,” “hope,” and comparable expressions are meant to determine positive declarations. These positive declarations might consist of, however are not restricted to, declarations about the advantages of acquisitions, consisting of monetary and operating outcomes, and the Business’s strategies, goals, expectations, and objectives. Amongst the dangers and unpredictabilities that might trigger real outcomes to vary from those revealed in positive declarations consist of, however are not restricted to: unaudited price quotes of Bitcoin production; our future hash rate development (EH/s); the expected advantages, building schedule, and expenses related to the Navarro website growth; our anticipated schedule of brand-new miner shipments; the effect of weather condition occasions on our operations and outcomes; our capability to effectively release brand-new miners; the difference in our mining swimming pool benefits might adversely affect our outcomes of Bitcoin production; megawatt (” MW”) capability under advancement; we might not have the ability to understand the expected take advantage of immersion-cooling; the combination of gotten companies might not succeed, or such combination might take longer or be harder, lengthy or expensive to achieve than prepared for; failure to otherwise understand expected effectiveness and tactical and monetary take advantage of our acquisitions; and the effect of COVID-19 on us, our clients, or on our providers in connection with our approximated timelines. Comprehensive details concerning the elements recognized by the Business’s management which they think might trigger real outcomes to vary materially from those revealed or suggested by such positive declarations in this news release might be discovered in the Business’s filings with the U.S. Securities and Exchange Commission (the “SEC”), consisting of the dangers, unpredictabilities and other elements gone over under the areas entitled “Danger Elements” and “Cautionary Note Concerning Forward-Looking Statements” of the Business’s Yearly Report on Kind 10-K for the ended December 31, 2022, as changed, and the other filings the Business makes with the SEC, copies of which might be acquired from the SEC’s site, www.sec.gov. All positive declarations consisted of in this news release are made just since the date of this news release, and the Business disclaims any objective or commitment to upgrade or modify any such positive declarations to show occasions or scenarios that consequently happen, or of which the Business hereafter realises, other than as needed by law. Individuals reading this news release are warned not to put excessive dependence on such positive declarations.
Financier Contact:
Phil McPherson
303-794-2000 ext. 110
Media Contact:
Alexis Brock
303-794-2000 ext. 118
