Riot Blockchain, 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 September 2022.

Bitcoin Production and Operations Updates

• In September 2022, Riot produced 355 BTC, a decrease of approximately 13% as compared to September 2021 production of 406 BTC.
• As of September 30, 2022, Riot held approximately 6,775 BTC, all produced by the Company’s self-mining operations.
• In September 2022, Riot sold 300 BTC, generating net proceeds of approximately $6.1 million.
• As of September 30, 2022, Riot had a deployed fleet of 55,728 miners, with a hash rate capacity of 5.6 exahash per second (“EH/s”).

“Riot made remarkable operational progress this September, which was the last month of our participation in ERCOT’s 4CP program for the year,” said Jason Les, CEO of Riot. “We are thrilled to announce that Building D, the sixth building at our Rockdale facility, is now online. Our team has expanded Riot’s total deployed fleet by 9,070 miners and increased our hash rate capacity to an all-time high of 5.6 EH/s. Additionally, we have already received nearly 15,000 S19-series miners, including the newest generation S19 XPs. In the coming months, we will remain focused on aggressively increasing our deployed hash rate as we work towards our goal of reaching 12.5 EH/s in the first quarter of 2023.”

Mining Deployment and Shipment Update

Since its last monthly update, Riot received 14,755 new S19-series miners, including the first 10,043 S19 XPs. During the month of September, Riot deployed 9,070 S19j Pros, with approximately 6,900 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 62,640 miners deployed with a hash rate capacity of approximately 6.4 EH/s. Additionally, shipments of 5,000 S19-series miners have been initiated out of Bitmain Technologies Limited (“Bitmain”) and are expected to be received during October 2022.

Infrastructure Update

For the month of September, Riot engineering and construction teams made significant progress on the Company's 400 megawatt ("MW") digital infrastructure expansion project.

In Building D, miner deployments have begun, and engineers are 90% complete with installing Riot's proprietary air-cooling rack system.  Installation and testing of low voltage cables have also been completed. In Riot's second immersion-cooled building, Building G, over half of total miner capacity has been deployed.

Estimated Hash Rate Growth

During Q1 2023, Riot anticipates a total self-mining hash rate capacity of 12.5 EH/s, assuming full deployment of approximately 115,450 Antminer ASICs, but excluding any potential incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Substantially all of Company’s self-mining fleet will consist of the latest generation S19-series miners. In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients.

Human Resources

Riot is growing fast and hiring for various roles across the organization. Join our team in building, expanding, and securing the Bitcoin Network. Browse open positions: https://www.riotblockchain.com/careers.

Conference Schedule

Riot will be presenting at the following upcoming conferences:

• Gulf Coast Power Association ‘Bitcoin & Energy’ Workshop held in Austin, TX on October 3rd.
• The Mining Conference held in Round Rock, Texas on October 5th – 6th. 
• TFOA (Texas Family Office Association) Symposium held in Houston, Texas on October 17th.
• LD Micro Main Event XV held in Los Angeles, California on October 25 – 27th.  

About Riot Blockchain, Inc.

Riot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform.

Our mission is to positively impact the sectors, networks and communities that we touch.  We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

For more information, visit www.riot.inc.

Safe Harbor

Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including financial and operating results, and the Company’s plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the Navarro site expansion; our expected schedule of new miner deliveries; our ability to successfully deploy new miners; M.W. capacity under development; we may not be able to realize the anticipated benefits from immersion-cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.