Riot Blockchain (RIOT) produced 509 BTC in Oct.

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

Bitcoin Production and Operations Updates for October 2022

• Riot produced 509 BTC, an increase of approximately 10% as compared to October 2021 production of 464 BTC.
• Riot held approximately 6,825 BTC, all produced by the Company’s self-mining operations, as of October 31, 2022.
• Riot sold 450 BTC, generating net proceeds of approximately $8.7 million.
• Riot had a deployed fleet of 65,516 miners, with a hash rate capacity of 6.9 exahash per second (“EH/s”), as of October 31, 2022.

“October marked another month of executional excellence for Riot,” said Jason Les, CEO of Riot. “We continued to make significant progress on the expansion of our Rockdale Facility, where we recently completed Building G, Riot’s second immersion-cooled building, rapidly deployed new miners in parallel with new infrastructure buildout, and broke ground on the first phase of development on our new Corsicana facility. This focus on solid execution of our growth plans has resulted in another record hash rate capacity this month, as we progress towards our goal of reaching 12.5 EH/s in the first quarter of 2023.”

Mining Deployment and Shipment Update

During the month of October, Riot received 7,385 new S19-series miners, increased its deployed fleet by 9,788 S19-series miners, with approximately 7,912 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 73,428 miners deployed with a hash rate capacity of approximately 7.8 EH/s. Additionally, shipments of 3,055 S19-series miners have been initiated out of Bitmain Technologies Limited (“Bitmain”) and are expected to be received during November 2022.

Infrastructure Update

During the month of October, Riot’s Rockdale facility successfully scaled and achieved major milestones towards the build out of the Company's 400 megawatt ("MW") digital infrastructure project.

Engineers continued to install Riot’s air-cooling rack system in Building D where installation is expected to be completed before the end of November. In Building E, electrical work nears completion and construction teams have begun to install the air-cooling rack system.

The Company is pleased to announce the completion of its second immersion-cooled building, Building G, with the installation of the remaining dry cooler infrastructure, internal tanks and pumping systems.

On October 18th, Riot executives and employees along with local and state officials gathered to celebrate the Company’s groundbreaking ceremony in Corsicana, Navarro County, Texas. The first phase of the Corsicana facility will consist of 400 megawatts (“MW”), with self-mining and data center hosting operations expected to commence by the fourth quarter of 2023.

To learn more about the groundbreaking ceremony, click here.

Estimated Hash Rate Growth

During Q1 2023, Riot anticipates a total self-mining hash rate capacity of 12.5 EH/s, assuming full deployment of approximately 115,450 Antminer ASICs, but excluding any potential incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Substantially all of Company’s self-mining fleet will consist of the latest generation S19-series miners. In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients.

Human Resources

Riot is currently recruiting for positions in the following departments: Accounting, Finance, Legal, and Public Policy. Join our team in building, expanding, and securing the Bitcoin network. Open positions are available at: https://www.riotblockchain.com/careers.

Conference Schedule

Riot will be presenting at the following upcoming conferences:

• Pacific Bitcoin held in Los Angeles, November 10th – 11th.
• Cantor Fitzgerald Crypto and Disruptive Finance Conference held in Miami, November 10th.
• Bitwise Financial Forum held in Chicago, November 14th.
• Roth 11th Annual Tech Conference held in New York City, November 16th.
• Texas Blockchain Summit held in Austin, November 17th – 18th.
• Wells Fargo 6th Annual TMT Summit held in Las Vegas, November 29th – December 1st.

Investor Relations

The Company’s Third Quarter Financial Report is due by November 9th, 2022.

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