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Riot Platforms, Inc. (RIOT) – August 2023 Production and Operations Update
Riot Platforms, Inc. has released its unaudited updates regarding Bitcoin production and operational activities for August 2023.
Bitcoin Production and Operations Overview for August 2023
| Metric | August 2023 | July 2023 | August 2022 | Month/Month | Year/Year |
|---|---|---|---|---|---|
| Bitcoin Produced | 333 | 410 | 374 | -19% | -11% |
| Average Bitcoin Produced per Day | 10.8 | 13.2 | 12.1 | -19% | -11% |
| Bitcoin Held¹ | 7,309 | 7,275 | 6,720 | 0% | 9% |
| Bitcoin Sold | 300 | 400 | 350 | -25% | -14% |
| Bitcoin Sales – Net Proceeds | $8.6 million | $12.1 million | $7.7 million | -29% | 12% |
| Average Net Price per Bitcoin Sold | $28,617 | $30,293 | $21,926 | -6% | 31% |
| Deployed Hash Rate¹ | 10.7 EH/s² | 10.7 EH/s² | 4.8 EH/s | 0% | 123% |
| Deployed Miners¹ | 95,904² | 95,904² | 46,658 | 0% | 106% |
| Power Credits³,5 | $24.2 million³ | $6.0 million³ | $3.0 million | 303% | 709% |
| Demand Response Credits⁴,5 | $7.4 million³ | $1.8 million³ | $0.2 million | 316% | 2,933% |
*Notes:
¹ As of the end of the month.
² Exahash per second; excludes miners offline due to previous severe weather damage.
³ Credits derived from the ability to sell power back to the energy grid.
⁴ Credits from participation in demand response programs.
⁵ Figures estimated for July and August 2023 if exceeding $1 million.
Jason Les, CEO of Riot, stated, “August marked a notable month for Riot, showcasing the advantages of our unique power strategy. We achieved a new record for Power and Demand Response Credits amounting to $31.7 million, exceeding total credits for all of 2022. With the pricing of Bitcoin during August, these credits equated to roughly 1,136 Bitcoin, which substantially reduces our costs in Bitcoin mining, reinforcing our position as one of the industry’s lowest-cost producers. Our power strategy not only supports this but serves as a competitive edge as we approach the Bitcoin ‘halving’ event next year.”
Estimated Hash Rate Growth
Riot continues to repair the damages to Building G from the Texas severe winter storm in December 2022 and now anticipates achieving a self-mining hash rate capacity of 12.5 EH/s at the Rockdale Facility by the end of 2023. Additionally, the company has an agreement with MicroBT that includes an initial order for 7.6 EH/s of advanced Bitcoin miners for the Corsicana Facility, with expectations to reach a total self-mining capacity of 20.1 EH/s by mid-2024.
Riot’s Power Strategy During Texas Heat Wave
In August 2023, Texas experienced extreme heat once again, leading to surging electricity demand near total supply capacity. Riot adhered to its power strategy, curtailing power usage by over 95% during peak periods, thus forgoing revenue from Bitcoin mining to allocate energy resources back to the grid. This strategic move significantly aided in managing overall power demand in ERCOT, preventing service interruptions for consumers.
Upcoming Conference Schedule:
- 3rd Annual Needham Crypto Conference on September 7, held virtually.
- 25th Annual H.C. Wainwright Global Investment Conference on September 11 and 12 in New York.
- Northland Capital Markets Institutional Investor Conference on September 19, held virtually.
Legal Update
On August 25, 2023, the New Jersey District Court dismissed a class action against Riot brought by shareholder Creighton Takata with prejudice, concluding all claims against the company. This outcome reflects Riot’s firm commitment to upholding its interests in litigation.
Human Resources Update
Riot is actively recruiting for various positions across the organization. Interested candidates are encouraged to apply and contribute to the growth and security of the Bitcoin network.
Company Overview
Riot’s mission is to become the leading Bitcoin-driven infrastructure platform with a focus on positively impacting sectors and communities through a commitment to innovative strategies and partnerships. The company operates Bitcoin mining and data center hosting in Texas, as well as engineering and fabrication operations in Colorado.
Safe Harbor Statement
This update may contain forward-looking statements reflecting management’s current expectations and projections about future performance and market conditions. These statements may be influenced by risks and uncertainties that could lead to actual results differing sharply. It is advisable for readers not to place undue reliance on these forward-looking statements.
