Full upgrade of Riot OKC mining facility scheduled for mid-February 2020
CASTLE ROCK, Colo., — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or the “Company”), has received an additional 1,060 S17 Pro Antminers from BitmainTech PTE. LTD. (“Bitmain”) at the Oklahoma City mining facility. Riot is currently deploying the new S17 Pro generation miners and expects to complete the final installation in the next seven business days.
Upon full deployment, Riot estimates the aggregate operating hashrate at the Oklahoma City mining facility, assuming full utilization of the facility’s current total 12 megawatt (“MW”) available electric supply to be approximately 248 petahash per second. This would represent an estimated 240% increase over Riot’s late 2019 average mining hashrate. Riot anticipates that total deployment of the 4,000 S17 Pro new miners will represent approximately 90% of the Oklahoma City’s mining facility’s total current power capacity.
Riot is aware that public sources have reported that the outbreak of the coronavirus in China has directly affected the Chinese mining industry including manufacturers and mining farms. Additionally, certain major ASIC miner manufacturers have issued statements regarding the work bans and the impacts on their meeting market demands for mining rigs. The Chinese government-issued work bans are being extended and some mining manufacturers are notifying customers that shipping delays may occur. Riot notes due to the timing of its orders, there was no impact or delay on the upgrade of the OKC mining facility.
About Riot Blockchain
Riot Blockchain is focused on building, operating, and supporting blockchain technologies. Its primary operations consist of cryptocurrency mining, targeted development of a cryptocurrency exchange, and the identification and support of innovations within the sector. For more information, visit http://www.RiotBlockchain.com/.
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our most recent Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”) on April 2, 2019, as amended by Amendment No. 1 on Form 10-K/A on April 23, 2019, as well as those risk factors disclosed in any periodic reports we file with the SEC. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us.
Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor” below.
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. 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,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that 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. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company’s periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled “Risk Factors,” copies of which may be obtained from the SEC’s website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this press release.
SOURCE Riot Blockchain, Inc.