Riot Blockchain (RIOT) produced 466 BTC in May

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 May 2022.

Bitcoin Production and Operations Updates

• In May 2022, Riot produced 466 BTC, an increase of approximately 104%, as compared to May 2021 production of 228 BTC.
• As of May 31, 2022, Riot held approximately 6,536 BTC, all produced by the Company’s self-mining operations.
• In May 2022, Riot sold 250 Bitcoin generating net proceeds of approximately $7.5 million.
• Riot currently has a deployed fleet of approximately 43,458 miners, with a hash rate capacity of 4.6 exahash per second (“EH/s”).

“During May, we continued to make progress on the ongoing expansion of our Whinstone Facility in Rockdale, TX,” said Jason Les, CEO of Riot. “We’re proud to report that our first immersion building, Building F, is filled with approximately 23,000 S19 series miners. Approximately 7,000 of those miners are staged in the immersion-cooling tanks and are anticipated to be deployed pending installation of the final requisite components. Once these miners and other staged miners are fully deployed, our hash rate capacity is expected to increase to 5.4 EH/s.

Additionally, we are initiating a project to refurbish our fleet of S17-Pro Antminers to improve their overall hash rate and efficiency. These enhancements are made possible by the improved operating environment facilitated by our immersion-cooling technology. While undergoing the refurbishing process, our fully-depreciated fleet of 4,000 S17-Pro miners will be temporarily decommissioned. These 4,000 miners will no longer be counted in our deployed fleet figure, and their corresponding 225 PH/s of hash rate will no longer be counted in our hash rate capacity figure.”

Mining Deployment and Shipment Update

Since its last monthly update, Riot received an additional 1,701 new S19j Pros, deployed approximately 1,086 S19j Pros in its immersion-cooled building with an additional 7,855 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 51,313 miners deployed with a hash rate capacity of approximately 5.4 EH/s.

Infrastructure Update

During May, progress continued at Riot’s 400 megawatt (“MW”) infrastructure expansion project at the Whinstone Facility in Rockdale, Texas. The construction of the structure and exhaust louvres for Building D is now complete, and installation of its intake louvres for air-cooling will now commence. Further completions include the installation of all low and medium voltage switchgear for Building D.

The second air-cooled building in the expansion, Building E, is advancing towards completion of its roofing and structure. Additionally, installation of all its medium voltage transformers has been completed.

The final power systems in Building F, Riot’s first immersion-cooled building, have been commissioned, and all miners have been placed.

In the Company’s second immersion-cooled building, Building G, immersion-cooling tanks continue to be installed. Installation of all medium voltage transformers for Building G is now complete.

Estimated Hash Rate Growth

By January 2023, Riot anticipates a total self-mining hash rate capacity of approximately 12.6 EH/s, assuming full deployment of approximately 116,150 Antminer ASICs, but excluding any potential expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure, which is approximately 50% complete. Approximately 100% 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 Jason Chung as Head of Corporate Development. In this role, Mr. Chung will be responsible for the overall coordination of Riot’s corporate development, capital markets and investor relations related efforts.

Mr. Chung joins the Company following a nearly two-decade long career in investment banking, most recently as Managing Director, M&A with Nomura in Hong Kong where he advised global clients on cross-border transactions primarily in the technology sector. Over the course of his investment banking career, Mr. Chung has advised on nearly $20 billion in strategic transactions, built and grown advisory teams, and has worked in both New York and Hong Kong. Mr. Chung is a CFA charter holder and holds a Bachelor of Commerce degree from the University of Toronto.

Conference Schedule

Riot Blockchain will be presenting at the following upcoming conferences:

• 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.

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