Business
Riot Blockchain Announces Further Progress in Company's Transformation and Delivery of Additional 1,040 S19 Antminers from Bitmain
Riot Chairman Provides Statement and Second Tranche of Additional S19 Miners Expected to Increase Hash Rate by 28% to 456 PH/s CASTLE ROCK, Colo., Aug. 13,
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Chairman Provides Statement and Second Tranche of Additional S19 Miners Expected to Increase Hash Rate by 28% to 456 PH/s\n\n\nCASTLE ROCK, Colo., Aug. 13, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot,\" \"Riot Blockchain\" or the \"Company\"), has received 1,040 S19 95TH miners, the second of three orders cumulatively totaling 3,040, S19 and S19 Pro Antminers from BitmainTech PTE. LTD. (\"Bitmain\"), at Coinmint's Massena, New York facility. Deployment of these 1,040 new S19 next generation miners has commenced and is expected to be completed by Monday, August 17, 2020. After deploying these 1,040 S19 miners, the Company expects to increase its hash rate by 28% to 456 PH/s.\n\n \n \n \n \n \n \n\n \nChairman's Statement and Commentary\n\"The second quarter of 2020 marked a pivotal milestone for Riot Blockchain, as it represented the successful conclusion of the initial phase of the Company's transformation\" said Remo Mancini, Independent Chairman of the Board of Directors of Riot Blockchain. \"The focus of this initial phase was on several important objectives: (1) to systematically reduce the Company's risk profile, (2) strategically position Riot by enhancing the competitiveness of our mining operation and (3) restructure management and agreements with service-providers to the benefit of the Company. We are pleased to report that Riot has successfully executed on each of these objectives.\"\nRisk profile \nThe Company believes the termination of the SEC investigation as announced in the first quarter of 2020 was an important step to improve the Company's regulatory profile. Secondly, Riot achieved a marked improvement in its financial profile in the second quarter, as the Company recently reported, it ended the quarter with a significant positive net working capital balance of $15.9 million. As further announced, subsequent to June 30, 2020, Riot received gross proceeds of approximately $29.7 million via the Company's ATM offering, further strengthening its net working capital balance. Additionally, the Company currently holds over 1,000 bitcoin yielded from its mining operation. Riot continues to remain free of long-term debt.\nMining competitiveness \nIn the second quarter of 2020, Riot strengthened the competitiveness of its mining operation by reducing its operating overhead after relocating Rio...