Additionally, shipments of 6,333 S19j Pros have been initiated out of Bitmain and are expected to be received during July 2022. Upon deployment of the staged miners, the Company expects to have a total of 48,779 miners deployed with a hash rate capacity of approximately 5.0 EH/s. Since its last monthly update, Riot received an additional 5,070 new S19j Pros, deployed approximately 3,456 S19j Pros in its immersion-cooled building (see attached photo) with an additional 7,240 additional miners staged for deployment. Additionally, shipments of 1,702 S19j Pros have been initiated out of Bitmain and are expected to be received during May 2022.
When applied to anticipated power costs for the month, the power credits and other benefits are expected to effectively eliminate Riot’s power costs for July, further enhancing the Company’s industry-leading financial strength amid a challenging macroeconomic environment for the industry.” Riot Platforms is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining data center operations in central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado. “We are pleased to report that during the month of June, we achieved full operation of all 23,000 S19 series miners in the first immersion-cooled building at our Whinstone Facility, Building F,” said Jason Les, CEO of Riot.
Riot Announces July 2024 Production and Operations Updates
Mr. Yee is an experienced business partner and team builder, having successfully grown businesses by working collaboratively to implement key processes, reporting tools and internal controls. Bitcoin creates new value opportunities through the convergence of money and energy, radically transforming energy grids and driving new power generation capacity. The Company is pleased to announce the hiring of Pierre Rochard, who has served on Riot’s advisory board for over 3 years, as Vice President of Research. Mr. Rochard was most recently Product Manager for Bitcoin at xcritical, one of the largest digital asset-focused exchanges.
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Mr. Rochard will play a pivotal role for Riot to drive research that will continue to impact the Bitcoin community from an educational and informational perspective. Due to the surge in recent variants, the Company has adjusted its operations to ensure the safety of its employees, which Riot considers its most important asset. We believe xcritical official site that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.
Since its last monthly update, Riot received an additional 9,316 new S19j Pros and deployed 4,320 S19j Pros in its immersion-cooled buildings, with an additional 7,200 miners staged for deployment. Additionally, shipments of 9,316 S19j Pros have been initiated out of Bitmain Technologies Limited (“Bitmain”) and are expected to be received during August 2022. Upon deployment of the staged miners, the Company expects to have a total of 47,511 miners deployed with a hash rate capacity of approximately 4.9 EH/s. By January 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. Since its last monthly update, Riot received an additional 1,273 new S19j Pros, deployed 4,676 S19j Pros in its immersion-cooled buildings with an additional 6,324 miners staged for deployment.
Riot xcritical Announces April 2022 Production and Operations Updates
In December 2021, Riot closed its previously announced strategic xcritical courses scam acquisition of ESS Metron, one of the world’s leading designers and manufacturers of power distribution equipment. The acquisition of ESS Metron further deepens Riot’s bench strength as a leading vertically-integrated business by securing Riot’s supply xcritical to critical infrastructure electrical components. In December 2021, Riot completed Building F, the Company’s first industrial-scale immersion-cooled dedicated building, in addition to receiving most of the structural components required for Buildings D, E, and G. “Additionally in June, we began our annual participation in ERCOT’s Four Coincident Peak (“4CP”) program in which we curtail our energy consumption when called on by ERCOT during the four summer months of peak energy demand in Texas.
- Mr. Harris, co-founder of Whinstone US, will continue to lead the Whinstone team and the development of the Company’s Bitcoin mining data center operations.
- This initiative is underway and approximately 5,700 miners are xcritically offline, and temporarily not counted in the deployed fleet figure, as they are in the process of being redeployed.
- Riot expects its hash rate to be approximately 4.1 EH/s when the 8,136 miners received in December 2021 and the 2,700 miners anticipated for delivery in January 2022 are installed at the Whinstone Facility.
- As part of our participation in the 4CP program, in June we curtailed our energy consumption for a total of 8,648 megawatt hours.
- The transition will consist of both a relocation of miners to the Company’s Whinstone Facility and by way of a miner swap agreement which Riot has entered into with another Bitcoin mining counterparty.
“In October, Riot achieved a new post-halving milestone in production, with 505 Bitcoin mined in the month,” said Jason Les, CEO of Riot. “As energy demand in ERCOT reached all-time highs this past month, the Company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas. Curtailing the Company’s power consumption reduced BTC production by an estimated 21% in July, but also significantly reduced Riot’s power costs for the month. By providing power back into the ERCOT grid during periods of peak demand, the Company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in BTC mined.
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As a result of this relocation of miners, the Company expects to further reduce its cost of production through lower power costs and by eliminating all third-party hosting fees on its hosted mining fleet. Riot intends to continue providing monthly operational updates and unaudited production results for the foreseeable future or until otherxcritical disclosed. These updates are intended to keep shareholders informed of the Company’s progress regarding 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. The Company has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado. The Company has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas and for the near-term in upstate New York, and electrical switchgear engineering and fabrication operations in Denver, Colorado.