Riot Platforms Inc RIOT

Riot Announces March 2024 Production and Operations Updates

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Riot Announces March 2024 Production and Operations Updates
https://www.tipranks.com/news/press-releases/riot-announces-march-2024-production-and-operations-updates

GlobeNewswireApr 04, 2024, 09:05 AM
 
CASTLE ROCK, Colo., April 04, 2024 (GLOBE NEWSWIRE) — 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 March 2024.

Bitcoin Production and Operations Updates for March 2024 

							Comparison (%)
	Metric		March 20241	February 20241	March 2023		Month/Month	Year/Year
	Bitcoin Produced		425	418	695		2%	-39%
	Average Bitcoin Produced per Day		13.7	14.4	22.4		-5%	-39%
	Bitcoin Held2		8,490	8,067	7,072		5%	20%
	Bitcoin Sold		–	–	675		N/A	N/A
	Bitcoin Sales – Net Proceeds		–	–	$16.7 million		N/A	N/A
	Average Net Price per Bitcoin Sold		N/A	N/A	$24,682		N/A	N/A
	Deployed Hash Rate2		12.4 EH/s	12.4 EH/s	10.5 EH/s		–	18%
	Average Operating Hash Rate		8.6 EH/s	8.5 EH/s	7.6 EH/s		1%	12%
	Deployed Miners2		112,944	112,944	94,176		–	20%
	Power Credits3		$0.5 million	$1.0 million	$0.3 million		-53%	52%
	Demand Response Credits4		$0.8 million	$0.2 million	$1.2 million		225%	-36%

<sup>1. Unaudited, estimated.
2. As of month-end.
3. Estimated power curtailment credits.

4. Estimated credits received from participation in ERCOT demand response programs.</sup>
“March was a key month for Riot as we approach the commencement of operations at our new Corsicana Facility,” said Jason Les, CEO of Riot. “Riot’s first building at the Corsicana Facility, Building A1, is expected to commence operations in mid-April 2024, and will add an anticipated 3.7 EH/s to our self-mining hash rate once miners have been fully deployed shortly thereafter. At our Corsicana Facility, we are incredibly excited to showcase Riot’s deployment of leading-edge, industrial-scale immersion technology, featuring latest-generation MicroBT immersion miners, which will drive significantly improved scale and efficiency of operations.

“Development of the next three buildings at the Corsicana Facility is in process, completion of which will bring an anticipated 13 EH/s of self-mining capacity online this year. We have already received a majority of the miners required for Building A2 and expect the balance to be received during April. Our self-mining capacity is expected to reach 31 EH/s by the end of 2024, upon full deployment of miners in the first four buildings at our Corsicana Facility.”


Infrastructure Update
Riot is currently developing Phase 1 of the Company’s second large-scale facility, the Corsicana Facility, which is expected to have 400 megawatts (“MW”) of developed mining capacity upon completion of this initial phase. Once fully developed, the Corsicana Facility is expected to have 1 gigawatt (1,000 MWs) in total developed mining capacity.

In March, the immersion systems in the first 100 MW building, Building A1, were installed, and miner installation commenced. The 400 MW substation is expected to be energized in the first half of April 2024, and Building A1 will commence operations shortly thereafter.

Onsite development teams have completed the foundation for the second 100 MW building, Building A2, and construction of the building has begun. Immersion systems will begin to be installed in Building A2 during the month of April, with operations expected to commence in Q2 2024.

Estimated Hash Rate Growth
Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024.

As previously disclosed, in June 2023, Riot entered into a long-term master purchase agreement with MicroBT, which included an initial order of 33,280 immersion miners for the Corsicana Facility. Effective December 1, 2023, Riot executed a second order under the MicroBT master agreement for an additional 66,560 immersion miners, primarily for the Corsicana Facility. In February 2024, Riot entered into a third order with MicroBT, for 31,500 air-cooled miners for the Rockdale Facility. Approximately 17,000 miners in the order are expected to replace underperforming machines currently operating in the facility, and the deployment of the remaining 14,500 miners will contribute additional hash rate capacity to our self-mining operations at the Rockdale Facility.

Collectively, the three purchase orders will add an anticipated 28 EH/s to Riot’s self-mining capacity. Deployment of these miners intended for the Corsicana Facility has begun and is estimated to be completed by the second half of 2025. Deployment of the miners intended for the Rockdale Facility is expected to begin in Q2 2024 and be completed in Q3 2024.
Upon full deployment in 2025, Riot anticipates a total self-mining hash rate capacity of 41 EH/s.

March 2024 Liquidity (Unaudited)
Riot ended the month with approximately $685 million in cash on hand and 8,490 unencumbered Bitcoin on the balance sheet, representing total liquidity of approximately $1.3 billion as of the end of March 2024 (unaudited), based on the month-end market price of Bitcoin.
As of the end of March 2024, Riot had approximately 268.0 million shares outstanding.

Conference Schedule:

• Bitcoin Policy Summit, Washington, DC on April 9^th.
• Riot Platforms Analyst Day in New York, New York on April 18^th.
• AIM Summit in London, England on April 29^th– 30^th.

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 electrical switchgear engineering and fabrication operations in Denver, Colorado.

For more information, visit www.riotplatforms.com.