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Riot Announces August 2023 Production and Operations Updates
Riot Produces 333 Bitcoin While Realizing Expanded Benefits of Power Strategy CASTLE ROCK, Colo., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc.
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Produces 333 Bitcoin While Realizing Expanded Benefits of Power Strategy\nCASTLE ROCK, Colo., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, announces unaudited production and operations updates for August 2023. Bitcoin Production and Operations Updates for August 2023 Comparison (%)MetricAugust 2023July 2023August 2022 Month/MonthYear/YearBitcoin Produced333410374 -19%-11%Average Bitcoin Produced per Day10.813.212.1 -19%-11%Bitcoin Held17,3097,2756,720 0%9%Bitcoin Sold300400350 -25%-14%Bitcoin Sales - Net Proceeds$8.6 million$12.1 million$7.7 million -29%12%Average Net Price per Bitcoin Sold$28,617$30,293$21,926 -6%31%Deployed Hash Rate110.7 EH/s210.7 EH/s24.8 EH/s 0%123%Deployed Miners195,904295,904246,658 0%106%Power Credits3,5$24.2 million6$6.0 million6$3.0 million 303%709%Demand Response Credits4,5$7.4 million6$1.8 million6$0.2 million 316%2,933%¹ As of end of month.² Exahash per second (“EH/s”). Excludes 17,040 miners that are offline as a result of damage to Building G from the severe winter weather in late December 2022 in Texas.³ Power curtailment credits received from the Company’s ability, under its long-term power contracts, to sell power back to the ERCOT grid at market-driven spot prices.⁴ Credits received from participation in ERCOT demand response programs. ⁵ The Company discloses this figure in its monthly updates if it exceeds $1 million for the current month.⁶ Power Credits and Demand Response Credits for July and August 2023 are estimates. “August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” said Jason Les, CEO of Riot. “Riot achieved a new monthly record for Power and Demand Response Credits, totaling $31.7 million in August, which surpassed the total amount of all Credits received in 2022. Based on the average Bitcoin price in August, Power and Demand Response credits received equated to approximately 1,136 Bitcoin. The effects of these credits significantly lower Riot’s cost to mine Bitcoin and are a key element in making Riot one of the lowest cost producers of Bitcoin in the industry. Riot’s power strategy is a key competitive advantage, and when placed alongside our strong financial position and efficient miner fleet, put Riot in a leadi...