Bitcoin Mining

By January 2023, Riot anticipates a total self-mining hash rate capacity of 12.8 EH/s, assuming full deployment of approximately 120,150 Antminer ASICs, but excluding any potential expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Approximately 97% of the Company’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently 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 hosts approximately 200 MW of institutional Bitcoin mining clients.

Riot Blockchain’s Fiscal Year 2021 Financial and Operational Highlights

  • Increased 2021 total revenue by 1,665% to $213.2 million, compared to $12.1 million in 2020.
  • Reported a net loss of $7.9 million in 2021, as compared to a net loss of $12.7 million in 2020. Net loss for the fiscal year 2021 was significantly impacted by non-cash stock-based compensation expense of $68.5 million and a non-cash, unrealized loss of $36.5 million on impairment of cryptocurrencies.
  • Produced a Company record Adjusted Non-GAAP EBITDA of $82.4 million in 2021, compared to $(6.3) million in Non-GAAP Adjusted EBITDA in 2020. See attachment for supplemental information of Non-U.S. GAAP Measures of Financial Performance.
  • Increased hashing capacity by 444% to 3.1 EH/s as of December 31, 2021, compared to 0.57 EH/s as of December 31, 2020.
  • Increased Bitcoin held on balance sheet by 353% to 4,884 BTC as of December 31, 2021, compared to 1,078 BTC as of December 31, 2020.
  • Invested in 82,500 Bitmain S19, S19 Pro, S19j Pro, and S19XP Antminers which, when fully installed by January 2023, are expected to achieve an estimated aggregate Bitcoin mining hash rate capacity of 12.8 EH/s.
  • Increased deployed hash rate capacity to 3.1 EH/s, a 444% increase from 0.6 EH/s as of December 31, 2020.
  • Acquired Whinstone in May 2021, North America’s largest Bitcoin mining facility, and commenced an immediate expansion to 700 MW.
  • Announced the Bitcoin mining industry’s first industrial-scale immersion-cooled Bitcoin mining operation in October 2021.
  • Acquired ESS Metron, a premier provider of highly-engineered electrical equipment solutions, in December 2021, significantly enhancing the Company’s position as a vertically-integrated industry leader in Bitcoin mining.