Riot Platforms, Inc. (RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, announces unaudited production and operations updates for September 2023.
Bitcoin Production and Operations Updates for September 2023
| Comparison (%) | |||||
| Metric | September 2023 | August 2023 | September 2022 | Month/Month | Year/Year |
| Bitcoin Produced | 362 | 333 | 355 | 9% | 2% |
| Average Bitcoin Produced per Day | 12.1 | 10.8 | 11.8 | 12% | 2% |
| Bitcoin Held1 | 7,327 | 7,309 | 6,766 | 0% | 8% |
| Bitcoin Sold | 340 | 300 | 300 | 13% | 13% |
| Bitcoin Sales - Net Proceeds | $9.0 million | $8.6 million | $6.1 million | 4% | 46% |
| Average Net Price per Bitcoin Sold | $26,379 | $28,617 | $20,437 | -8% | 29% |
| Deployed Hash Rate1 | 10.9 EH/s2 | 10.7 EH/s2 | 5.6 EH/s | 2% | 95% |
| Deployed Miners1 | 98,6942 | 95,9042 | 55,728 | 3% | 77% |
| Power Credits3,5 | $11.0 million6 | $24.1 million6 | $1.0 million | -54% | 949% |
| Demand Response Credits4,5 | $2.5 million6 | $7.5 million6 | $0.2 million | -67% | 979% |
- As of end of month.
- Exahash per second (“EH/s”). Excludes 14,250 miners in September 2023 and 17,040 miners in August 2023 that are offline as a result of damage to Building G from the severe winter weather in late December 2022 in Texas.
- Power curtailment credits received from the Company’s ability, under its long-term power contracts, to sell pre-purchased power back to its utility provider at market-driven spot prices.
- Credits received from participation in ERCOT demand response programs.
- The Company will disclose this figure in its monthly updates if it exceeds $1 million for the current month.
- Power Credits and Demand Response Credits for August and September 2023 are estimates.
“September represented another significant month for Riot as we were able to clearly demonstrate the value of Bitcoin mining while contributing to the stability of the ERCOT electrical grid,” said Jason Les, CEO of Riot. “Our mining operations produced 362 Bitcoin during the month, and by strategically curtailing mining operations, we also received $11.0 million in Power Credits pursuant to our long-term power contracts with our utility provider, and $2.5 million in Demand Response Credits from participating in ERCOT’s ancillary services program. Combined, total Power and Demand Response Credits received equate to approximately 511 Bitcoin based on the average price of Bitcoin in September.
“When coupled with our ability to be a flexible user of power, Riot’s sizeable long-term, fixed-price power contracts represent a differentiated advantage for the Company, while simultaneously making electrical capacity available to the grid when it is most needed, ensuring customers do not experience disruptions in service during periods of increased power demand.
“At our Rockdale Facility, our operations teams have begun installation of replacement dry coolers in Building G, one of our immersion buildings, and hash rate has started to ramp back up. Our hash rate capacity will continue to increase as miners in Building G are energized, until the building returns to its full capacity of 2.4 EH/s in November, bringing Riot’s total self-mining hash rate capacity to 12.5 EH/s.”
Estimated Hash Rate Growth
The Company has entered into a long-term purchase agreement with MicroBT, which includes an initial order of 7.6 EH/s of next-generation Bitcoin miners for its Corsicana Facility. Upon full deployment of this initial order by mid-2024, Riot’s total self-mining hash rate capacity is expected to reach 20.1 EH/s.
Riot’s Power Strategy Continues to Assist in Stabilization of Texas Energy Grid During Summer Heat Wave
Texas experienced another month of extreme heat in September 2023, causing demand and prices for electricity to spike. Riot continued to execute on its power strategy during the month, curtailing on days of peak demand and forgoing revenue from its Bitcoin mining operations to instead provide energy resources to ERCOT. The Company’s curtailment of operations continued to contribute to reducing overall power demand to help ensure that consumers did not experience interruptions in service.
Conference Schedule:
- Pacific Bitcoin held in Los Angeles, October 5th – 6th.
- Bitcoin Amsterdam held in Amsterdam, October 12th – 13th.
- AIM Summit held in Dubai, October 30th – 31st.
Human Resources Update
Riot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network.
Open positions are available at: https://www.riotplatforms.com/careers.