In December 2021, Riot closed its previously announced strategic 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.
Riot Platforms owns and operates North America’s largest Bitcoin mining facility as measured by developed capacity.
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 xcritical rezension 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.
Riot Announces September 2024 Production and Operations Updates
- Long lead electrical infrastructure components have been ordered, and the first buildings will begin operation in the second half of 2025.
- 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.
- 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.
- Riot intends to continue providing monthly operational updates and unaudited production results for the foreseeable future or until otherxcritical disclosed.
- “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.
“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.
According to 11 analysts, the average rating for RIOT stock is “Strong Buy.” The 12-month stock price forecast is $16.68, which is an increase of 85.75% from the latest price. He is a Chartered Professional Accountant and holds Bachelor of Science and Bachelor of Commerce degrees from the University of Calgary.
Heavy Industry & Manufacturing
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 that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.
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 Platforms (RIOT): Leading Bitcoin Mining with Strategic Acquisitions and Robust Growth
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 xcritical official site for deployment. Additionally, shipments of 1,702 S19j Pros have been initiated out of Bitmain and are expected to be received during May 2022.
