Slide 1: Corsicana Investor Tour
June 13th, 2024 Corsicana Investor Tour
Slide 2: Forward-looking statements
Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance or actual results. Such sta
Slide 3: From Concept to Reality – The World's Largest Bitcoin Mining Facility
I O T 3 From Concept to Reality – The Worlds Largest Bitcoin Mining Facility Oct 2022 Oct 2023 Present Phase I Under Development Phase I Buildings A1 and A2 – Buildings A1 and A2 ▪ Purchased in 2Q22 ▪ Own land, not leased ▪ Ideally situated adjacent to underutilized switch ▪ EPC team immediately beg
Slide 4: Stats & Figures – Phase I 400MW Corsicana Site Overview
I O T 4 Stats & Figures – Phase I 400MW Corsicana Site Overview Power Infrastructure Operational Infrastructure ▪ 265.7 acres – Riot owns land ▪ Access to 1GW ▪ Broke ground October 2022 ( 20 months ago) ▪ Cut & fill 1,500,000 tons of dirt (75,000 dump truck loads) ▪ Electrical underground piping 1,
Slide 5: Immersion Design Improvements
I O T 5 Immersion Design Improvements Immersion 1.0 Immersion 2.0 ▪ First large-scale immersion system - 200 MW ▪ Sprung building design ▪ Open air tank design ▪ Miners had to be modified with removal of fans and custom firmware to be used in immersion ▪ Custom designed tanks from Midas with lid – p
Slide 6: Understanding Substations & Power
Understanding Substations & Power 6 What are they? Equipment Installed Budget ▪ Substations are a vital part of electrical infrastructure ▪ Acting as both a control and conversion center for power ▪ They receive high voltage electricity from the switch and convert it into lower voltages for distribu
Slide 7: Corsicana Phase I Construction Budget
Engineering 0.3% Procurement 43.1% Construction 56.6% % Project Costs Construction Cost: $905k/MW Miners Estimated Cost: $307.2m 1 Total Hash Rate: 16.7 EH/s Cost per EH/s : $40.0m 7 Corsicana Phase I Construction Budget Immersion tanks in building A1 (immersion adds ~30% to Total Capex) Engineering
Slide 8: Riot Fleet and Power Strategy Drive Superior Mining Economics
$53,999 $67,552 $83,218 $98,867 $208,032 $220,441 $234,681 $248,921 $37,499 $46,911 $57,791 $68,658 $144,467 $153,084 $162,973 $172,862 $36,000 $45,034 $55,479 $65,912 $138,688 $146,961 $156,454 $165,947 $28,875 $36,121 $44,499 $52,867 $112,239 $117,875 $125,489 $133,104 $21,000 $26,270 $32,363 $38,
Slide 9: All-In Power Pricing under Various Curtailment Scenarios
$29 / MWh $44 / MWh $70 / MWh $56 / MWh $25 / MWh $34 / MWh $46 / MWh $29 / MWh $25 / MWh $36 / MWh $52 / MWh $30 / MWh $25 / MWh $36 / MWh $53 / MWh $31 / MWh 2020 2021 2022 2023 All-In Power Pricing under Various Curtailment Scenarios <$122 / MWh (M66S Post-Halving Breakeven) <$100 / MWh <$75 / MW
Slide 10: Returns sensitivity by hash rate and Bitcoin price
35.2% $ 50,000 $ 60,000 $ 70,000 $ 80,000 $ 90,000 $ 100,000 0 EH/s 38.7% 49.3% 59.6% 69.6% 79.4% 89.0% 5 EH/s 26.1% 36.1% 45.7% 55.0% 64.2% 73.3% 10 EH/s 16.5% 26.1% 35.2% 43.8% 52.4% 61.1% 15 EH/s 8.5% 18.0% 26.7% 35.0% 43.0% 50.9% 20 EH/s 1.5% 11.0% 19.5% 27.5% 35.2% 42.7% 297.4% $ 50,000 $ 60,00
Slide 11: Infrastructure Pipeline and Miner Purchase Contract Provide Clear Path to 100 EH/s
11 Infrastructure Pipeline and Miner Purchase Contract Provide Clear Path to 100 EH/s in Self-Mining 1. Assumes additional long term purchase option of 265,000 miners is partially exercised for 53,571 M66S miners. 2. Assumes remainder of the additional long term purchase option of 265,000 miners is
Slide 12: MicroBT Order Significantly Upgrades Riot's Mining Fleet
12 MicroBT Order Significantly Upgrades Riot’s Mining Fleet ▪ Riot’s purchases of 131,340 MicroBT miners have an average fleet efficiency of 19.7 J/TH ▪ Riot’s total fleet efficiency will be 21.8 J/TH in 2025 after deployment of combined orders, 19.7 J/TH if entire option exercised Model Quantity Ha
Slide 13: Q1 2024 Estimated Bitcoin Production Cost to Mine
Q1 2024 Estimated Bitcoin Production Cost to Mine Rockdale expansion miner purchases Rockdale construction Corsicana Facility 400 MW build-out (remaining) Corsicana Facility additional 200 MW build-out Corsicana miner purchases 13 1. As of March 31, 2024. 2. As of March 31, 2024. Based on market pri
Slide 14: Riot's vision: world's leading Bitcoin-driven infrastructure platform
+154% 12.4 EH/s 31.5 EH/s Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform 2024 Hash Rate Growth +30% 31.5 EH/s 40.8 EH/s 2025 Hash Rate Growth Fully Funded 2024 & 2025 Cap Ex New Large-Scale Facility Energized Apr 2024 1. Twelve months ended as of December 31, 2023.