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Riot Announces May 2023 Production and Operations Updates
Riot Produces 676 Bitcoin in May 2023 and Provides Operations Updates CASTLE ROCK, Colo., June 05, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ:
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Produces 676 Bitcoin in May 2023 and Provides Operations Updates\nCASTLE ROCK, Colo., June 05, 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 May 2023. Bitcoin Production and Operations Updates for May 2023 Comparison (%)Metric May 2023April 2023May 2022Month/MonthYear/YearBitcoin Produced 6766394666%45%Average Bitcoin Produced per Day 21.821.315.02%45%Bitcoin Held1 7,1907,1126,5361%10%Bitcoin Sold 6006002500%140%Bitcoin Sales - Net Proceeds $16.5 million$17.6 million$7.5 million-6%121%Average Net Price per Bitcoin Sold $27,568$29,263$29,979-6%-8%Deployed Hash Rate1 10.5 Eh/s210.5 EH/s24.6 EH/s0%130%Deployed Miners1 94,176294,176243,4580%117%Demand Response Revenue3 $2.4 millionN/A$2.1 millionN/A15% 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 in Texas.3. Proceeds from participation in ERCOT demand response programs. Going forward, the Company plans to disclose this figure in its monthly updates when it exceeds $1 million. “In May, Riot successfully maintained steady and consistent production, mining 676 Bitcoin during the month,” said Jason Les, CEO of Riot. “In addition, Riot also benefitted from participation in ERCOT’s Demand Response programs, generating $2.4 million in revenue as a result of our unique power strategy, which is made possible by our long-term fixed rate power contracts. Riot’s participation in these programs supports ERCOT’s efforts to maintain grid reliability for the benefit of all Texans while also providing economic benefits to the Company.” Mining Deployment Update Riot ended the month of May with approximately 800 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 94,976 miners deployed with a hash rate capacity of approximately 10.6 EH/s (which excludes 17,040 miners currently offline in Building G). Estimated Hash Rate Growth Due to the ongoing impact of damage incurred to Buildings F and G during the severe winter storms in Texas in December 2022, Riot now anticipates achieving a total self-mining hash rate capacity of 12.5 EH/s in the second...