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 April 2024.
Bitcoin Production and Operations Updates for April 2024
| Comparison (%) | ||||||
| Metric | April 2024 1 | March 2024 1 | April 2023 | Month/Month | Year/Year | |
| Bitcoin Produced | 375 | 425 | 639 | -12% | -41% | |
| Average Bitcoin Produced per Day | 12.5 | 13.7 | 21.3 | -9% | -41% | |
| Bitcoin Held 2 | 8,872 | 8,490 | 7,112 | 4% | 25% | |
| Bitcoin Sold | – | – | 600 | N/A | N/A | |
| Bitcoin Sales – Net Proceeds | – | – | $17.6 million | N/A | N/A | |
| Average Net Price per Bitcoin Sold | N/A | N/A | $29,263 | N/A | N/A | |
| Deployed Hash Rate 2 | 12.6 EH/s | 12.4 EH/s | 10.5 EH/s | 1% | 19% | |
| Average Operating Hash Rate | 8.8 EH/s | 8.6 EH/s | 7.9 EH/s | 3% | 11% | |
| Power Credits 3 | $0.9 million | $0.5 million | $0.1 million | 77% | 542% | |
| Demand Response Credits 4 | $1.2 million | $0.8 million | $1.6 million | 61% | -23% | |
- Unaudited, estimated.
- As of month-end.
- Estimated power curtailment credits.
- Estimated credits received from participation in ERCOT demand response programs.
“In April, Riot achieved a major milestone with the energization of our second dedicated Bitcoin mining facility located in Corsicana, Texas, which occurred just ahead of the recent ‘halving’ on April 20th, 2024,” said Jason Les, CEO of Riot. “We have already started to bring hash rate online in the first 100 MW building, Building A1, at our Corsicana Facility, and continue to develop three additional 100 MW buildings which will be completed this year. All of the buildings developed at this new facility will operate latest-generation MicroBT immersion-cooled miners.
“The development of the first 400 MW of infrastructure at our Corsicana Facility is expected to bring Riot’s self-mining capacity to 31 EH/s by the end of this year, more than doubling our current hash rate capacity and enhancing Riot’s operating efficiency as a result of the high-quality design and immersion cooling systems which are being deployed there. Following this development, the Corsicana Facility will still retain an additional 600 MW of capacity available for future development and growth of Riot’s Bitcoin mining operations.”
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 April, the 345 kV and 138 kV substations totaling 400 MW of capacity were energized. These substations are now supplying power to the Corsicana Facility. The structure of Building A1 has been completed, and immersion tanks and dry coolers have been installed to service the immersion systems within. Miners will continue to be energized in Building A1 throughout the month of May.
Development is also progressing on the second 100 MW building at the Corsicana Facility, Building A2, with the concrete slab nearing completion and commencement of the building construction underway. All miners for Building A2 have been received on site. Development has also begun on the third 100 MW building, Building B1, with the footers being poured during the month of April.
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 third 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 the 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.
Conference Schedule:
- Bitcoin Asia in Hong Kong, on May 9th – 10th.
- D.C. Blockchain Summit, in Washington D.C., on May 15th.
- B. Riley 24th Annual Institutional Investor Conference held in Los Angeles, CA on May 22nd-23rd.
- Alliance Berstein 40th Annual Strategic Decisions Conference held in New York, New York on May 29th.
