BillionDollarBreaks – Riot Platforms Inc. (NASDAQ: RIOT) Releases December 2022 Production, Operations Report

Company: Riot Platforms Inc. (RIOT)
Category: News

Riot Platforms (NASDAQ: RIOT), an industry leader in Bitcoin mining and data center hosting, is reporting unaudited production and operations numbers for December 2022. Highlights of the report note that Riot produced 659 BTC during the month, a 55% increase over the 425 BTC produced in December 2021. In addition, as of Dec. 31, 2022, the company held approximately 6,952 BTC, all produced by Riot’s self-mining operations. Riot also saw net proceeds of some $10.2 million through sales of 600 BTC; in addition, as of the month end, the company had deployed fleet of 88,556 miners, with a hash rate capacity of 9.7 exahash per second (“EH/s”). “Riot achieved a number of key milestones during the month of December,” said Riot Platforms CEO Jason Les in the press release. “We successfully deployed an additional 16,128 S19-series miners, bringing our hash rate capacity to a new all-time high of 9.7 EH/s. Additionally and as previously indicated in our last monthly production update, we transitioned to a new mining pool in early December. Based on our expanded hash rate capacity and while predominantly operating in our new mining pool, Riot achieved a new record of 659 Bitcoin produced this past month. In late December, Texas and much of the country experienced severe winter weather, significantly disrupting the holiday season for many Americans. A portion of Riot’s operations at our Rockdale facility were also unfortunately impacted by the December storm, as some sections of piping in Buildings F and G, our immersion buildings, suffered damage and need replacement, impacting approximately 2.5 EH/s of our total hash rate capacity. Our team is working diligently on the necessary repairs, which we anticipate will take a number of weeks, during which time the affected hash rate will come back online incrementally. Additionally, in anticipation of the December storm, Riot voluntarily curtailed operations in order to ensure the safety of our employees and to contribute to the stability of the ERCOT grid during this critical time for Texans, and as a result, Riot generated $4.9 million in additional power credits in December, which will further lower our cost of production.”

To view the full press release, visit https://ibn.fm/5y1Vc

About Riot Platforms Inc.

On Jan. 3, 2023, Riot announced the rebranding of its corporate name from Riot Blockchain Inc. to Riot Platforms Inc., underpinning the company’s growth strategy to continue expanding its increasingly diversified business operations. Riot’s common stock continues to be listed for trading on the NASDAQ Capital Market under the ticker symbol RIOT. The company’s vision is to be the world’s leading Bitcoin-driven infrastructure platform; its mission is to positively impact the sectors, networks and communities that it touches. Riot 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 data center operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver. For more information about the company, visit www.RiotPlatforms.com.

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