Riot Blockchain Announces November Production and Operations Updates
Riot produces 466 Bitcoin in November 2021 and announces a further increase in 2022 targeted hash rate
Riot Blockchain, Inc. an industry leader in Bitcoin (“BTC”) mining and hosting, announces monthly BTC production and operations updates for November 2021, including a further increase in estimated self-mining hash rate capacity for 2022, updates to the status of miner shipments and deployment, and updates on the 400 megawatts (“MW”) infrastructure expansion at the Company’s Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas (the “Whinstone Facility”).
- In November 2021, Riot produced 466 BTC, an increase of approximately 298% over its November 2020 production of 117 BTC.
- Year to date through November 2021, the Company produced 3,387 BTC, an increase of approximately 262% over its BTC production during the same 2020 period of 935 BTC.
- As of November 30, 2021, Riot held approximately 4,464 BTC, all produced by the Company’s self-mining operations.
- Riot currently has a deployed fleet of approximately 29,095 miners, with a hash rate capacity of 3.0 exahash per second (“EH/s”).
Riot intends to continue providing monthly operational updates and unaudited production results for the foreseeable future or until otherwise disclosed. These updates are intended to keep shareholders informed of the Company’s progress with regards to the execution of the previously announced growth in Riot’s hash rate and to keep investors apprised of the Company’s development of Bitcoin mining infrastructure critical to de-risking future growth.
Mining Purchase Order and Increase in Estimated Hash Rate for 2022
Riot recently executed a $33 million purchase order with Bitmain Technologies Limited (“Bitmain”) for 3,000 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 this purchase order, the Company anticipates having approximately 93,150 Antminers in operation, utilizing approximately 293 MW of energy, by Q4 2022.
Also, as a result of this purchase order, Riot has increased its 2022 estimated hash rate capacity to 9.0 EH/s, representing an increase of approximately 0.4 EH/s over the Company’s previously announced estimate of 8.6 EH/s. The increase in the estimated hash rate to 9.0 EH/s does not include any potential incremental production benefits from Riot’s previously announced build-out of 200 MW of immersion-cooled infrastructure at the Whinstone Facility.
Miner Deployment and Shipment Updates
In November, shipments of 5,886 S19Js previously purchased miners were received, and an additional 4,284 S19Js are scheduled to arrive at Riot’s Whinstone Facility in December 2021. 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.
Recommended AI News: Quadency Launches Major Upgrade to Crypto Platform
The Company began deployments of miners in its newly constructed immersion-cooled Building F in November 2021 and expects to deploy approximately 7,600 additional miners in Building F by the end of December 2021. By the end of December 2021, Riot anticipates that it will have a total of approximately 36,700 Antminers in operation, utilizing approximately 117 MW of energy, with an estimated hash rate capacity of 3.7 EH/s.
In November 2021, Riot’s 400 MW expansion at the Whinstone Facility hit multiple progress milestones while navigating the challenges with the current state of the global supply chain. Progress during the month included the completion of the substation expansion to 700 MW, successful installation of the substation busbar, and 400 MW of high-voltage transformers. Whinstone also completed construction of Building F, Riot’s first self-mining building dedicated to immersion-cooled Bitcoin mining, while also advancing on its second immersion-cooled dedicated building, Building G.
2022 Estimated Hash Rate
By Q4 2022, Riot anticipates a total self-mining hash rate capacity of 9.0 EH/s, assuming full deployment of approximately 93,150 Antminer ASICs but excluding any potential expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Approximately 96% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted for miners, the Company’s total self-mining fleet is expected to consume approximately 293 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.
Riot will participate in the B. Riley Securities Crypto Conference in New York, New York, on Wednesday, December 8, 2021.
As Riot continues to scale, the Company is proud to announce personnel changes, including the hiring of Director of Human Resources, Emma Norris, Lead Software Engineer, Abrahan Chavez, and Director of SOX Compliance, Kevin Haugen.
[To share your insights with us, please write to email@example.com]