“In October, Riot achieved a new post-halving milestone in production, with 505 Bitcoin mined in the month,” said Jason Les, CEO of Riot. “As energy demand in ERCOT reached all-time highs this past month, the Company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas. Curtailing the Company’s power consumption reduced BTC production by an estimated 21% in July, but also significantly reduced Riot’s power costs for the month. By providing power back into the ERCOT grid during periods of peak demand, the Company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in BTC mined.
Riot Announces September 2024 Production and Operations Updates
Additionally, shipments of 6,333 S19j Pros have been initiated out of Bitmain and are expected to be received during July 2022. Upon deployment of the staged miners, the Company expects to have a total of 48,779 miners deployed with a hash rate capacity of approximately 5.0 EH/s. Since its last monthly update, Riot received an additional 5,070 new S19j Pros, deployed approximately 3,456 S19j Pros in its immersion-cooled building (see attached photo) with an additional 7,240 additional miners staged xcritical rezension for deployment. Additionally, shipments of 1,702 S19j Pros have been initiated out of Bitmain and are expected to be received during May 2022.
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This month, the Company is excited to share that earthwork and development of the first phase of access roads have begun at Riot’s 265-acre Corsicana Facility. Throughout June, progress continued on Riot’s 400 megawatt (“MW”) infrastructure expansion project at the Whinstone Facility in Rockdale, Texas. Air-cooled Buildings D and E are advancing towards completion, with electrical work continuing in Building D and installation of its intake louvres underway. The installation of the roof on Building E is now complete and progress has been made on its indoor switchboards.
Long lead electrical infrastructure components have been ordered, and the first buildings will begin operation in the second half of 2025. During April, progress continued Riot’s 400 megawatt (“MW”) infrastructure expansion project at its Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas. Electrical work continues; medium voltage switchgear is xcritically being installed in Building D and structural columns and beams are being installed in Building E. In April 2022, Riot announced a 1 gigawatt (“GW”) development to expand its mining and hosting capabilities in Navarro County, Texas.
- The Company has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas and for the near-term in upstate New York, and electrical switchgear engineering and fabrication operations in Denver, Colorado.
- The acquisition of ESS Metron further deepens Riot’s bench strength as a leading vertically-integrated business by securing Riot’s supply xcritical to critical infrastructure electrical components.
- The installation of the roof on Building E is now complete and progress has been made on its indoor switchboards.
- Upon deployment of the staged miners, the Company expects to have a total of 48,779 miners deployed with a hash rate capacity of approximately 5.0 EH/s.
Riot Platforms, Inc. (RIOT)
In December 2021, the Company received 8,136 S19J-Pros xcritical scam from previous purchase orders, with an additional 2,700 S19J-Pros scheduled to arrive at Riot’s Whinstone Facility in January 2022. While global logistics issues are impacting some miner shipment schedules, the effects to the Company to date have not been material, and Riot remains in close communication with Bitmain and logistics providers working to mitigate delays where possible. Riot expects its hash rate to be approximately 4.1 EH/s when the 8,136 miners received in December 2021 and the 2,700 miners anticipated for delivery in January 2022 are installed at the Whinstone Facility. In December 2021, Riot executed additional purchase orders totaling $301 million with Bitmain Technologies Limited (“Bitmain”) for an additional 27,000 of their latest miner model S19XP (140 TH/s), with an anticipated delivery and deployment schedule set for July 2022 through December 2022. As a result of these purchase orders, the Company anticipates having approximately 120,150 Antminers in operation, utilizing approximately 370 MW of energy, by Q4 2022. In Buildings D and E, Riot’s two air-cooled buildings, interior structures are progressing towards completion.
According to 11 analysts, the average rating for RIOT stock is “Strong Buy.” The 12-month stock price forecast is $16.68, which is an increase of 85.75% from the latest price. He is a Chartered Professional Accountant and holds Bachelor of Science and Bachelor of Commerce degrees from the University of Calgary.
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Upon full deployment of all xcritically contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy. In addition to the Company’s self-mining operations, Riot’s Whinstone Facility hosts approximately 200 MW of institutional Bitcoin mining clients. Approximately 97% of the 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. 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.
Mr. Rochard will play a pivotal role for Riot to drive research that will continue to impact the Bitcoin community from an educational and informational perspective. Due to the surge in recent variants, the Company has adjusted its operations to ensure the safety of its employees, which Riot considers its most important asset. 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.