Exhibit 99.1

 

 

 

 

 

Riot Blockchain, Inc. NASDAQ: RIOT / SEPT 27, 2021

 
 

Statements in this presentation that are not historical facts are forward - looking statements that reflect management’s current expectations, assumptions and estimates of future performance and economic conditions . Such statements are made in reliance on the safe harbor provisions of Section 27 A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934 . Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward - looking statements . Words such as "anticipates," “believes,” "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward - looking statements . Forward - looking statements may never materialize or may prove to be incorrect . Actual results and the timing of events could differ materially from those anticipated in such forward - looking statements as a result of various risks and uncertainties . These forward - looking statements may include, but are not limited to, statements about the benefits of the acquisition of Whinstone, including financial and operating results, and the Company’s plans, objectives, expectations and intentions . Among the risks and uncertainties that could cause actual results to differ from those expressed in forward - looking statements, include, but are not limited to : unaudited estimates of BTC production ; our future hash rate growth (EH/s) ; our expected schedule of new miner deliveries ; our ability to successfully deploy new miners ; MW capacity under development ; the integration of the businesses of the Company and Whinstone may not be successful, or such integration may take longer or be more difficult, time - consuming or costly to accomplish than anticipated ; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone ; and the impact of COVID - 19 on us, our customers, or on our suppliers in connection with our estimated timelines . Detailed information regarding other factors that may cause actual results to differ materially from those expressed or implied by statements in this presentation may be found in the Company's filings with the U . S . Securities and Exchange Commission (the “SEC”), including in the sections entitled "Risk Factors" and “Cautionary Note Regarding Forward - Looking Statements” of the Company’s Annual Report on Form 10 - K for the fiscal year ended December 31 , 2020 , and our other filings with the SEC, including, but not limited to the additional risk factors set forth in the Company’s Current Report on Form 8 - K filed with the SEC on May 26 , 2021 , copies of which may be obtained from the SEC's website at www . sec . gov . All forward - looking statements included in this presentation are made only as of the date of this presentation, and the Company disclaims any intention or obligation to update or revise any forward - looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law . Persons reading this presentation are cautioned not to place undue reliance on forward - looking statements . 2 FORWARD LOOKING STATEMENTS

 
 

3 Riot serves as a vehicle for investors seeking exposure to Bitcoin BITCOIN IS A RE - INVENTION OF GLOBAL FINANCE

 
 

"Do I think it's a durable mechanism that ... could take the place of gold to a large extent ?...I do, because it's so much more functional than passing a bar of gold around" "Fidelity has made a long - term commitment to the future of blockchain technology and to making digitally - native assets, such as Bitcoin , more accessible to investors " “I think that you can expect that we’ll have a billion people storing their value, in essence a savings account, on a mobile device within five years and they’re going to want to use something like Bitcoin ” "We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money" “We believe that Bitcoin has the potential to be a more ubiquitous currency in the future” 4 Source : Bloomberg, Forbes, CoinDesk, CNBC, Business Insider . INSTITUTIONAL BITCOIN ADOPTION IS HERE

 
 

5 (1) Coinmarketcap . com as of 9 / 21 / 21 . Dominant cryptocurrency with a US $ 800 billion global market capitalization (1) The strongest, most secure, and most decentralized network of all cryptocurrencies The data structure ( blockchain) serves as the public ledger of all transactions Decentralized - it is not controlled by any government, entity or person (as compared to fiat currencies) S ound money , with a supply of only 21 million coins coded into its supply schedule WHAT IS BITCOIN ?

 
 

Currently, the reward is 6.25 BTC per block solved, totaling approximately 900 BTC per day network - wide repeatedly guessing inputs into an algorithm until the desired output is observed 6 the process of mining a Bitcoin : Bitcoin transactions are pooled together in a “block” Once a block is formed, miners compete to solve it, which is difficult to do but simple to verify After it is solved , the transactions are “verified” by the network The new block of verified transactions is attached to a chain of prior blocks (“blockchain”) For solving the puzzle, miners are rewarded with Bitcoin , which occurs every 10 minutes, on average

 
 

76% of Bitcoin miners utilize renewable energy as a part of their energy mix, with renewable energy accounting for ~40% of overall energy mix (1) Bitcoin miners are incentivized to minimize their power costs and seek out under - utilized renewables infrastructure 68.7% 31.3% Global Energy Production Energy Consumption Unused Energy 7 0.2% 99.8% Total Unused Energy Bitcoin Energy Consumption Remaining Unused Energy BITCOIN MINING AND ENERGY USE Source : https : //ourworldindata . org/energy - production - consumption (1) University of Cambridge Centre for Alternative Finance Bitcoin Electricity Consumption Index .

 
 

8 Riot’s mission is to become one of the most relevant and significant companies supporting the Bitcoin network and greater Bitcoin ecosystem (1) As of 9 / 21 / 21 ; ( 2 ) as of 9 / 9 / 21 ; ( 3 ) 90 day average trading volume as of 9 / 21 / 21 ; ( 4 ) as of 6 / 30 / 21 ; ( 5 ) as of 9 / 1 / 21 ; ( 6 ) 9 / 8 / 21 press release ; ( 7 ) estimated by Q 4 2022 . Ticker Symbol NASDAQ RIOT Share Price $27.36 (1) Shares Issued & Outstanding 95.9 Million (2) Avg. Daily Trading Volume 9.85 Million (3) Net Cash $147 Million (4) BTC Held on Balance Sheet 3,128 BTC (5) Current Riot Hashing Capacity 2.2 EH/s (6) Future Riot Hashing Capacity 7.7 EH/s (7)

 
 

9 BITCOIN MINING MARGIN 70 % 2 , 244 BITCOIN HELD 7 .4 2 AVERAGE BITCOIN MINED DAILY 675 TOTAL BITCOIN MINED $1 3,814 AVG . DIRECT COST PER BITCOIN MINED $ 147 MM CASH ON BALANCE SHEET NET INCOME $ 19 . 3 MM $ 28.8MM EBITDA (1) $ 34 . 3 MM TOTAL REVENUE RIOT AT A GLANCE Q2 2021 (1) “EBITDA” is a non - GAAP figure, most directly comparable to Net Income, calculated by : Net income ( $ 19 . 34 mm) + Taxes ( $ 3 . 73 mm) + Depreciation and Amortization ( $ 5 . 74 mm) (THREE MONTHS ENDED JUNE 30, 2021)

 
 

10 PROFITABILITY DRIVERS IN BITCOIN MINING What R iot Does Not Control network hash rate price of BTC block rewards & # of blocks per year price of miners Riot’s hash rate cost of electricity corporate expenses What R iot Controls с ZŝŽƚ഻Ɛ ,ĂƐŚ ZĂƚĞ EĞƚǁŽƌŬ ,ĂƐŚ ZĂƚĞ п WƌŝĐĞ ŽĨ d п ϲ͘Ϯϱ ůŽĐŬ ZĞǁĂƌĚ н dƌĂŶƐĂĐƚŝŽŶ WƌĞŵŝƵŵ п ϱϮ͕ϱϲϬ ůŽĐŬƐ ƉĞƌ zĞĂƌ о WƌŝĐĞ ŽĨ DŝŶĞƌƐ н ŽƐƚ ŽĨ ůĞĐƚƌŝĐŝƚLJ н ZŝŽƚ ഻Ɛ ŽƌƉŽƌĂƚĞ džƉĞŶƐĞƐ Annual Mining Profitability

 
 

11 Riot began mining Bitcoin at 12 MW Oklahoma City facility , which it operated until mid - 2020 201 8 Riot moved its entire mining fleet to Coinmint’s Bitcoin mining hosting facility in Massena, NY, with over 51 MW currently live 2020 Acquired a 300 MW Bitcoin mining hosting facility in Rockdale, Texas and immediately announced a 400 MW expansion 2021 RIOT’S DEVELOPING OPERATIONS Moses Saunders Dam near Massena, NY Whinstone facility in Rockdale, TX

 
 

12 + 300 MW 750 MW total developed capacity total power capacity 100 acres Rockdale, Texas $ 0.025 cost per kWh 190,000 ft 2 hosting space 24 0,000 ft 2 under construction TRANSACTION STRUCTURE ▪ 11.8 Million shares of RIOT common stock ▪ $80 Million cash consideration

 
 

13 Nasdaq listing provides efficient access to capital Significantly de - risked path to capital deployment Industry - leading management team Industry - leading management plus highly - talented execution team with over 100 employees Current mining fleet entirely hosted at Coinmint’s Massena, NY facility with relatively low power costs Rapidly - scaling self - mining business with one of the world’s largest mining facilities and power costs among the lowest in the industry A leading Bitcoin miner with access to large miner purchases Largest publicly - traded Bitcoin mining & hosting company creates a leading US Bitcoin platform 2017 - 2020 2021 - ONWARDS +

 
 

14 ERCOT’S INCREASED RENEWABLE PENETRATION As one of the few deregulated energy markets, ERCOT’s market is driven by competition Source : ERCOT February 2021 Fact Sheet . ▪ 2021 w ind & solar generation has grown to 28.6% of total generating capacity ▪ 25,121 MW of installed wind capacity as of Jan uary 2021, the most of any state in the nation ▪ 3,854 MW of utility - scale installed solar capacity as of January 2021 The Electric Reliability Council of Texas (ERCOT) is a nonprofit organization that ensures reliable electric service for 90 percent of the State of Texas

 
 

15 0 225 450 675 900 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 Riot Self-Mining Hosting Available Capacity Riot Miners at Coinmint (MW) Whinstone Total Capacity - 750 MW INDUSTRY - LEADING BITCOIN MINING CAPACITY Note: Forecast period estimates based on contracted capacity.

 
 

When completed, this expansion will increase Whinstone’s industry - leading power capacity to 700 MW 16 INFRASTRUCTURE EXPANSION ▪ Four new buildings, totaling approximately 240,000 sq/ft adding a 400 MW of capacity ▪ Expansion is anticipated to provide the capacity to house approximately 112,000 S19 series Antminers when completed ▪ First portion expected to be completed Q1 2022 , and the balance by Q2 2022 In June 2021, Riot commenced a substantial expansion project at the Whinstone facility, to more than double the site’s capacity September 2021 development progress

 
 

RIOT’S FORECASTED HASH RATE GROWTH SCHEDULE (EH/s) 17 Since 2019, multiple long - term purchase orders with Bitmain; monthly deliveries from purchase orders through Q4 2022 Riot’s aggregate Bitcoin self - mining hash rate capacity estimated to reach: 7.7 EH/s by Q4 2022 4.6 EH/s by Q4 2021 HASH RATE GROWTH 0 2 4 6 8 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Current Hash Rate Expanding Hash Rate

 
 

18 REVENUE ($MM) EARNINGS PER SHARE BITCOIN MINED HASH RATE CAPACITY (EH/s) RIOT FINANCIAL HIGHLIGHTS $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 0 100 200 300 400 500 600 700 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 ($0.40) ($0.30) ($0.20) ($0.10) $0.00 $0.10 $0.20 $0.30 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2

 
 

19 Riot provides a best - of - class investment opportunity in the Bitcoin mining vertical Clear and significantly de - risked pathway for expansion Management team brings demonstrated track record of success INVESTMENT HIGHLIGHTS Serves as a public vehicle for investors seeking exposure to Bitcoin A trailblazing US Bitcoin mining platform

 
 

20 APPENDIX

 
 

21 Jason Les CEO & Board Member Jeff McGonegal C F O Megan Brooks C O O William Jackman General Counsel Jason became Riot’s CEO in February 2021 after serving as an independent board member since November 2017 Has been deeply involved with Bitcoin since 2013, with significant experience in cryptocurrency mining and as an engineer studying protocol development and contributing to open - source projects Founding partner of Binary Digital, a software - development company Former professional heads - up poker player Was selected as a human benchmark for testing the world’s best poker artificial intelligence in what was dubbed “Man vs Machine” at Carnegie Mellon University in 2015 and 2017 B.S. in Information & Computer Science from UC Irvine Jeff is the longest - standing member of Riot’s executive team and resumed his duties as the Company’s permanent CFO in February 2021 Served as Riot’s CEO during 2019 and 2020 His career has spanned over 40 years in senior leadership roles working as an audit partner with a national accounting firm, in addition to roles as an executive within multiple public entities Started his public accounting career with BDO USA, LLP, most recently serving as Managing Partner of the BDO office in Denver, Colorado B.A. in Accounting from Florida State University and became a Certified Public Accountant in 1975, now retired Megan’s experience includes over 20 years in emerging industries in operations, finance, and risk management, with seven years of executive management Worked with international / domestic insurance domiciles, auditors, and regulatory bodies to design and implement guidelines / legislature for financial reporting, solvency, and asset portfolios Developed software applications focused on improving efficiency and accountability in captive insurance operations Received a global award for Power 50 "One to Watch List" and has written numerous technical pieces for global publications B.S. in Finance, along with a Masters Certificate of Accountancy from University of Houston, C.T. Bauer College of Business. Certification in risk management and is a licensed Risk Manager William Jackman is the General Counsel of Riot and manages the Company’s legal affairs. Represented Riot since September 2018 as external counsel, prior to joining the management team in July 2021. Previously represented S&P 500 companies as well as other public companies in the areas of securities laws, mergers and acquisitions, and power generation. Former member of several distinguished law firms including, a global AM100 law firm, and one of the largest global law firms in Canada. In 2014, he served a secondment at the Ontario Securities Commission (OSC) in the Corporate Finance division. Dual J.D. from the Universities of Windsor and Detroit, and an M.B.A. from Nova Southeastern, specializing in business finance. William is a member of the New York, Florida and Ontario Bar Associations. RIOT MANAGEMENT TEAM

 
 

WHINSTONE FOUNDERS 22 Chad Harris CEO Lyle Theriot COO Ashton Harris C T O David Schatz VP Operations Chad Harris is the CEO of Whinstone and brings his vast entrepreneur and executive leadership skills to the Riot leadership team As a serial entrepreneur with a track record of building successful and profitable firms, Chad has used his marketing experiences in customer retention, acquisition, and negotiations to help businesses achieve successes Chad's ability to leverage his experience in construction, data analysis, and finance over the last 30 years provides him with a well - balanced approach to capture profitability from unrecognized sources Received the 2020 Community Economic Development Award and many other awards, including Holding a ranking in INC and being named one of the Top 100 Internet Retailer Lyle Theriot has served as the COO of Whinstone since 2018 and brings his vast knowledge of construction operations to the Riot leadership team For his efforts as COO of Whinstone, Lyle was awarded the 2020 Texas Economic Development Council - Community Economic Development Award for Secondary Benefit for the Whinstone Data Center Project Starting his career in construction management focusing on communication and team building, Lyle gained the needed skills to effectively solve complex construction problems and build with speed and efficiency Ashton Harris has been the CIO of Whinstone since its inception in 2018, and became the CTO in 2021 Ashton leverages his technical knowledge and his business acumen in creating an effective enterprise technology strategy Ashton's strategy focuses on providing scalable solutions for the facility’s technical design and software Ashton has been involved with Bitcoin since 2011 David Schatz is the Vice President of Operations at Whinstone In this capacity, he manages over 100 employees and has implemented safety programs, performance incentives, CPR training, and benefits for all Whinstone team members David’s leadership skills were shaped from his previous role at TriMet where, in a career spanning eight years, he mastered the art of leadership and mentoring staff David also has in - depth technical training from Mt. Hood Community College and Portland Community College, where he gained a tremendous mechanical foundation

 
 

RIOT BOARD OF DIRECTORS 23 Benjamin Yi Executive Chairman Hubert Marleau Lead Independent Director Hannah Cho Independent Director Lance D’Ambrosio Independent Director Recruited to Riot Board of Directors in October 2018, chairing the audit committee Nominated Chairman in November 2020 and Executive Chairman in May 2021 Significant turn - around and governance experience with public companies Previously led the capital markets efforts at IOU Financial, a fintech portfolio company of Neuberger Berman Unique capital markets experience with particular expertise in specialty finance, energy, and special situations investing Master of Finance degree from University of Toronto and CFA charter holder Nominated to the Board in November 2020 Chief Economist at Palos Management, a boutique investment management firm headquartered in Montreal, Canada Previously served as a Governor of the Montreal and Vancouver stock exchanges, and as a Director of the Listing Committee for the Toronto Stock Exchange and Director of the Investment Dealers Association of Canada (now known as IIROC) Current or past board director of approximately 50 publicly - traded companies Honors Bachelor of Social Sciences in Economics from the University of Ottawa Award - winning marketing and communications executive with expertise in brand building and storytelling Currently VP of Marketing Communications at BMC Software, a portfolio company of KKR Formerly SVP, Technology Communications at Edelman in their San Mateo office Over 15 years of experience in enterprise technology brand marketing, product and corporate communications supporting hyper - growth companies and global, multinational organizations in business growth and expansion, rebranding efforts, M&A, IPO, and divestiture B.A. Honors in Criminology from Carleton University Successful entrepreneur, private investor, and corporate director Former recipient of the E&Y Entrepreneur of the Year award in the category of e - software and services Has founded and grown several companies spanning multiple industries Previously sold two businesses to Sprint and Comsat Int’l, a subsidiary of Lockheed Martin B.Sc. In Marketing and Management from the University of Utah Board of Directors also includes CEO Jason Les, who is featured on the “Management Team” slide

 
 

TEXAS PILOT PROJECT Riot continuously explores new mining technology and infrastructure to maintain a leading position within the mining industry In early 2021 , Riot commenced a pilot project utilizing immersion cooling to assess the potential for higher productivity and lower cost mining opportunities Partnership with Lancium , LLC evaluating smart response software to reduce energy costs within ERCOT , and with Enigma Digital Assets AG (“Enigma”) evaluating immersion cooling container First phase of project evaluates immersion cooling technology to cool the mining machines. Improved cooling helps extend machine life and opens the opportunity to increase mining hash rate I nitial results of pilot project anticipated by year - end 2021 24 An Enigma container utilizing immersion cooling

 
 

25 Bitcoin ’s fixed supply schedule is driven by programmatic changes in the block reward; every 210,000 blocks (roughly every four years) the block reward is reduced by 50% (i.e., “halving”). Following each halving, Bitcoin miners receive half the Bitcoin block per block mined HISTORICAL BITCOIN PRICE AND “ HALVINGS ” 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 $1 $10 $100 $1,000 $10,000 $100,000 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 BTC Price (Logarithmic Scale) 2 nd Halving: Block Reward 25 to 12.5 3 rd Halving: Block Reward 12.5 to 6.25 1 st Halving: Block Reward 50 to 25 All else being equal, this results in a reduction of mining revenue. The halving mechanism results in an ever - decreasing issuanc e rate of Bitcoin as the supply asymptotically approaches its maximum supply of 21 million currently estimated by July 2141. Following each historical halving, Bitcoin has experienced significant price appreciation in the ensuing 18 months BITCOIN “HALVING” OVERVIEW

 
 

Bitcoin (BTC) : a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank; a unit of Bitcoin Blockchain : a system in which a record of transactions made in Bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer - to - peer network Block : a file that contains a “permanent” record of transactions Mining : the processing of transactions in the digital currency system, in which the records of current Bitcoin transactions, known as a blocks, are added to the record of past transactions, known as the blockchain Hash Rate : the measure of a miners performance; number of calculations a miner can perform in 1 second as it works to solve the block Block Reward : the amount of Bitcoin awarded for successfully mining / verifying a block 26 average # of Bitcoin mined each day = (Block Reward) x (6x / hour) x (24 hours / day) (6.25 BTC / Block) x (6x / hour) x (24 hours / day) = 900 Bitcoin per day on average GLOSSARY

 
 

contact: ir@riotblockchain.com 27