Riot Announces October 2024 Production and Operations Updates

Riot Produces 505 Bitcoin in October 2024 and Increases Hash Rate Deployed to 29.4 EH/s

CASTLE ROCK, Colo., Nov. 4, 2024 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin ("BTC") mining, announces unaudited production and operations updates for October 2024.  

Bitcoin Production and Operations Updates for October 2024

1. Unaudited, estimated.
2. As of month-end.
3. Includes self-mining capacity hosted outside of Kentucky.
4. Average over the month.
5. Estimated power curtailment credits.
6. Estimated credits received from participation in ERCOT and MISO demand response programs.
7. Estimated. Inclusive of all transmission and distribution charges, fees, adders, and taxes. Net of Total Power Credits.
8. All-in power cost for Kentucky sites only.

"In October, Riot achieved a new post-halving milestone in production, with 505 Bitcoin mined in the month," said Jason Les, CEO of Riot. "This 23% increase in production from September is a reflection of both the ongoing growth in our deployed hash rate and of the efforts to improve our operational efficiency. During the month of October, our deployed hash rate increased to 29.4 EH/s, driven by new deployments of latest generation MicroBT miners at the Corsicana Facility. We are pleased with the positive operational momentum underway and look forward to continuing this progress."

Corsicana Updates

Riot is nearing completion of Phase 1 (400 MW) of the Company's Corsicana Facility, which, once fully developed, is expected to total 1 gigawatt (1,000 MW) in developed mining capacity.

Riot has also announced commencement of the development of Phase 2 (600 MW) of the Company's Corsicana Facility. Long lead electrical infrastructure components have been ordered, and the first buildings will begin operation in the second half of 2025.

Estimated Hash Rate Growth

Investor Events

• Cantor Fitzgerald Crypto, Digital Assets & AI Conference held in Miami, Florida November 13^th – 14^th
• Roth Capital 13^th Annual Technology Conference held in New York City, New York on November 20^th  
• North American Blockchain Summit held in Dallas, Texas November 20^th – 21^st

Human Resources Update   

Riot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network.  

Open positions are available at: https://www.riotplatforms.com/careers.    

About Riot Platforms, Inc.   

Riot's (NASDAQ: RIOT) vision is to be the world's leading Bitcoin-driven infrastructure platform.  Our mission is to positively impact the sectors, networks, and communities that we touch. 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.   

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado.   

For more information, visit www.riotplatforms.com.   

Safe Harbor   

Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "believes," "plans," "expects," "intends," "will," "potential," "hope," and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including financial and operating results, and the Company's plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the development of our mining facilities in Texas, Kentucky and elsewhere; our expected schedule of new miner deliveries; the impact of weather events on our operations and results; our ability to successfully deploy new miners; the variance in our mining pool rewards may negatively impact our results of Bitcoin production; megawatt ("MW") capacity under development; we may not be able to realize the anticipated benefits from immersion cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding the factors identified by the Company's management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the risks, uncertainties and other factors discussed under the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC's website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.   

Investor Contact:   
Phil McPherson   
303-794-2000 ext. 110  
[email protected]   

Media Contact:   
Alexis Brock   
303-794-2000 ext. 118   
[email protected]   

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SOURCE Riot Platforms, Inc.