Riot Blockchain (RIOT) produced 508 BTC in April

Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, announces production and operations update for April 2022.

Bitcoin Production and Operations Updates

• In April 2022, Riot produced 508 BTC, an increase of approximately 150%, as compared to April 2021 production of 203 BTC.
• As of April 30, 2022, Riot held approximately 6,320 BTC, all produced by the Company’s self-mining operations.
• In April 2022, Riot sold 250 Bitcoin generating net proceeds of approximately $10.0 million.
• Riot currently has a deployed fleet of approximately 46,375 miners, with a hash rate capacity of 4.7 exahash per second (“EH/s”).

“April marks yet another incredible milestone for Riot, with the announcement of the Company’s 1 gigawatt (GW) Expansion in Navarro County, Texas,” said Jason Les, CEO of Riot. “Our ability to source and manage this second significant expansion opportunity in Texas exemplifies the Company’s partnership-driven approach with all stakeholders, including the Company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development. We are excited to build upon our demonstrated ability to develop high-quality, large-scale digital infrastructure, leveraging our experienced employee base and opening the doors to new jobs and economic opportunities in Navarro County.”

Mining Deployment and Shipment Update

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 for deployment. Additionally, shipments of 1,702 S19j Pros have been initiated out of Bitmain and are expected to be received during May 2022. Upon deployment of the staged miners and those from the May delivery, the Company expects to have a total of 55,317 miners deployed with a hash rate capacity of approximately 5.6 EH/s.

Infrastructure Update

During April, progress continued Riot’s 400 megawatt (“MW”) infrastructure expansion project at its Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas. Buildings D and E, both employing air-cooled technology, are advancing towards completion. Electrical work continues; medium voltage switchgear is currently being installed in Building D and structural columns and beams are being installed in Building E.

Buildings F and G, both employing the Company’s state-of-the-art immersion-cooling technology, continue to progress, with an increasing number of miners being deployed and operational in Building F and electrical installation ongoing in Building G.

Building X, Riot’s Employee Training and Health & Safety Center is progressing with the roof nearing completion and the finalization of its indoor layout.

Estimated Hash Rate Growth

By January 2023, Riot anticipates a total self-mining hash rate capacity of approximately 12.8 EH/s, assuming full deployment of approximately 120,150 Antminer ASICs, but excluding any potential expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Approximately 97% of the Company’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently 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 hosts approximately 200 MW of institutional Bitcoin mining clients.

Human Resources

The Company is pleased to announce the hiring of Colin Yee as Head of Corporate and Financial Operations. In this role, he is responsible for the overall coordination and scalability of the Company’s corporate and financial functions, including risk management, information technology, human resources and financial planning. Mr. Yee is an experienced business partner and team builder, having successfully grown businesses by working collaboratively to implement key processes, reporting tools and internal controls.

Prior to joining Riot, Mr. Yee was the CFO of a mid-market private equity firm specializing in renewable energy and infrastructure, the CFO of a publicly traded real estate company in Canada, and most recently, the COO and CFO of a family office with controlling interests in companies focused on construction and geothermal systems. He is a Chartered Professional Accountant and holds Bachelor of Science and Bachelor of Commerce degrees from the University of Calgary.

Conference Schedule

Riot Blockchain will be presenting at the following upcoming conferences:

• Tudor Pickering Holt: Hotter ‘N Hell Energy Conference on May 19th in Houston, TX.
• D.A. Davidson Bitcoin & Blockchain Conference on June 2nd in New York City, NY.
• Digital Assets Council of Financial Professionals Vision Conference on June 8th in Austin, TX.

2022 First Quarter Financial Report Filing

The statutory filing deadline for the Company’s First Quarter Financial Report is May 10th, 2022.

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