Riot Blockchain (RIOT) Announces September Production, 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 September production and operations updates, including its unaudited Bitcoin production for September 2021 and its miner shipping/deployment status.

Production and Operations Updates

• In September 2021, Riot produced 406 BTC, an increase of approximately 346% over its September 2020 production of 91 BTC.
• Year to date through September 2021, the Company produced a total of 2,457 BTC, an increase of approximately 236% over its BTC production during the same 2020 period of 731 BTC.
• As of September 30, 2021, Riot held approximately 3,534 BTC, all of which were produced by its self-mining operations.
• The Company currently has a deployed fleet of approximately 25,646 miners, with a hash rate capacity of 2.6 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 and Shipment Updates

As part of a purchase order with Bitmain Technologies Limited (“Bitmain”), shipments of 2,000 S19J Pro Antminers were shipped in late September to Riot’s Whinstone facility and are expected to be deployed once received. By early November, Riot anticipates that it will have a total of 27,646 Antminers deployed, utilizing approximately 90 megawatts (“MW”) of energy, with an estimated hash rate capacity of 2.8 EH/s. In early October 2021, another 4,000 S19J Pro Antminers are scheduled to be shipped from Bitmain’s Malaysia factory. Global logistics issues are impacting some miner shipment schedules, and while the Company’s impacts to date have not been material, Riot remains in close communication with Bitmain and logistics providers working to mitigate delays where possible.

Infrastructure and Hash Rate Growth

The infrastructure development of Riot’s Whinstone Facility continues on schedule with around the clock construction. As of September 30, 2021, three 100 MW Power Transformer substations have been installed with the fourth 100 MW Power Transformer substation scheduled for installation during November 2021.

The overall Building D development is reported at 50% completion and has 2,600 kVA transformers in the process of being installed. Building F is not far behind with an estimated 25% of the building’s structure erected and 40% of its underground infrastructure and foundation now complete. Additionally, the earthwork is now complete and underground infrastructure has begun for Buildings E and G.

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 utilize approximately 257 MW of energy, with approximately 206 MW deployed at Riot’s Whinstone Facility and approximately 51 MW currently 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.

Human Resources

To effectively manage the positive expansion of Riot, the company is pleased to announce the hiring of: Deputy General Counsel, Alexander Travis, Director of Finance, Ghazaleh Barman, Lead Software Developer, Joseph Brockhaus, I.T. Manager, Joseph Caceres, Operations Controller, Lydia Roth, Operations Coordinator, Jakob Arney, and H.R. Generalist, Rosendo Franco.

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