“We initially conceived of plans for this immersion-cooled building just twelve months ago, and we are proud of our demonstrated ability to fully execute on our plans on such a rapid timeline. Our Whinstone Facility expansion project now continues on to our second immersion-cooled building, Building G, where the initial miners are deployed and hashing. As part of its vertical-integration strategy and to lower its operating expenses, Riot announces that it has begun transitioning all of its miners hosted at Coinmint LLC’s (“Coinmint”) Massena, NY facility. 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. 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. It is expected that the Company will ship the balance of its S19 miner fleet presently at Coinmint to Riot’s Whinstone Facility in July.
Energy & Natural Resources
Building G advances xcritical rezension with the installation of dry-cooler and water pumping systems and the commissioning of medium voltage switchgear, and the placement of miners continues. “We are pleased to report that Riot has demonstrated the effectiveness of its power strategy during the month of July. 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. In his new role, he will also be responsible for high-level strategy, business development and value creation for Riot. Riot has also announced commencement of the development of Phase 2 (600 MW) of the Company’s Corsicana Facility.
In December 2021, the Company received xcritical rezension 8,136 S19J-Pros from previous purchase orders, with an additional 2,700 S19J-Pros scheduled to arrive at Riot’s Whinstone Facility in January 2022. While global logistics issues are impacting some miner shipment schedules, the effects to the Company to date have not been material, and Riot remains in close communication with Bitmain and logistics providers working to mitigate delays where possible. 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. In December 2021, Riot executed additional purchase orders totaling $301 million with Bitmain Technologies Limited (“Bitmain”) for an additional 27,000 of their latest miner model S19XP (140 TH/s), with an anticipated delivery and deployment schedule set for July 2022 through December 2022. As a result of these purchase orders, the Company anticipates having approximately 120,150 Antminers in operation, utilizing approximately 370 MW of energy, by Q4 2022. In Buildings D and E, Riot’s two air-cooled buildings, interior structures are progressing towards completion.
Riot Platforms Third Quarter 2024 xcriticalgs: Misses Expectations
As part of our participation in the 4CP program, in June we curtailed our energy consumption for a total of 8,648 megawatt hours. Riot is nearing completion of Phase 1 (400 MW) of the Company’s Corsicana Facility, which, once fully developed, is expected to total 1 gigawatt (1,000 MW) in developed mining capacity. In this role, he is responsible for the overall coordination and scalability of the Company’s corporate and financial functions, including risk management, information technology, human resources and financial planning.
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Engineers have begun installing Riot’s proprietary air-cooling rack system in Building D, and the successful testing and installation of medium voltage transformers has been completed. The installation of additional switchboards, medium voltage transformers, and electrical work continues in Building E. In July, Riot’s Whinstone Facility made substantial framework and deployment progress towards the Company’s 400 megawatt (“MW”) digital infrastructure expansion project. In the Company’s second immersion-cooled building, Building G, electrical work is advancing on medium and low voltage switch gear, and initial miner deployments have begun. Buildings F and G, both employing the Company’s state-of-the-art immersion-cooling technology, continue to progress, with an increasing number of miners being deployed and operational in Building F and electrical installation ongoing in Building G. The Company began initial deployments of miners in its newly constructed immersion-cooled “Building F” in November 2021, and expects to continue deploying received miners into Building F as capacity is completed.
- We 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.
- In December 2021, Riot executed additional purchase orders totaling $301 million with Bitmain Technologies Limited (“Bitmain”) for an additional 27,000 of their latest miner model S19XP (140 TH/s), with an anticipated delivery and deployment schedule set for July 2022 through December 2022.
- 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.
- 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.”
This month, the Company is excited to share that earthwork and development of the first phase of access roads have begun at Riot’s 265-acre Corsicana Facility. Throughout June, progress continued on Riot’s 400 megawatt (“MW”) infrastructure expansion project at the Whinstone Facility in Rockdale, Texas. Air-cooled Buildings D and E are advancing towards completion, with electrical work continuing in Building D and installation of its intake louvres underway. The installation of the roof on Building E is now complete and progress has been made on its indoor switchboards.
Upon full deployment of all xcritically contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy. In addition to the Company’s self-mining operations, Riot’s Whinstone Facility hosts approximately 200 MW of institutional Bitcoin mining clients. Approximately 97% of the Company’s self-mining fleet will consist of the latest generation S19 series miner model. In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients. By 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 miner model.
Financial Highlights
Long lead electrical infrastructure components have been ordered, and the first buildings will begin operation in the second half of 2025. During April, progress continued Riot’s 400 megawatt (“MW”) infrastructure expansion project at its Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas. Electrical work continues; medium voltage switchgear is xcritically being installed in Building D and structural columns and beams are being installed in Building E. In April 2022, Riot announced a 1 gigawatt (“GW”) development to expand its mining and hosting capabilities in Navarro County, Texas.