Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, announces production and operations update for May 2022.

Bitcoin Production and Operations Updates

• In May 2022, Riot produced 466 BTC, an increase of approximately 104%, as compared to May 2021 production of 228 BTC.
• As of May 31, 2022, Riot held approximately 6,536 BTC, all produced by the Company’s self-mining operations.
• In May 2022, Riot sold 250 Bitcoin generating net proceeds of approximately $7.5 million.
• Riot currently has a deployed fleet of approximately 43,458 miners, with a hash rate capacity of 4.6 exahash per second (“EH/s”).

“During May, we continued to make progress on the ongoing expansion of our Whinstone Facility in Rockdale, TX,” said Jason Les, CEO of Riot. “We’re proud to report that our first immersion building, Building F, is filled with approximately 23,000 S19 series miners. Approximately 7,000 of those miners are staged in the immersion-cooling tanks and are anticipated to be deployed pending installation of the final requisite components. Once these miners and other staged miners are fully deployed, our hash rate capacity is expected to increase to 5.4 EH/s.

Additionally, we are initiating a project to refurbish our fleet of S17-Pro Antminers to improve their overall hash rate and efficiency. These enhancements are made possible by the improved operating environment facilitated by our immersion-cooling technology. While undergoing the refurbishing process, our fully-depreciated fleet of 4,000 S17-Pro miners will be temporarily decommissioned. These 4,000 miners will no longer be counted in our deployed fleet figure, and their corresponding 225 PH/s of hash rate will no longer be counted in our hash rate capacity figure.”

Mining Deployment and Shipment Update

Since its last monthly update, Riot received an additional 1,701 new S19j Pros, deployed approximately 1,086 S19j Pros in its immersion-cooled building with an additional 7,855 miners staged for deployment. Upon deployment of the staged miners, the Company expects to have a total of 51,313 miners deployed with a hash rate capacity of approximately 5.4 EH/s.

Infrastructure Update

During May, progress continued at Riot’s 400 megawatt (“MW”) infrastructure expansion project at the Whinstone Facility in Rockdale, Texas. The construction of the structure and exhaust louvres for Building D is now complete, and installation of its intake louvres for air-cooling will now commence.  Further completions include the installation of all low and medium voltage switchgear for Building D.

The second air-cooled building in the expansion, Building E, is advancing towards completion of its roofing and structure. Additionally, installation of all its medium voltage transformers has been completed.

The final power systems in Building F, Riot’s first immersion-cooled building, have been commissioned, and all miners have been placed.

In the Company’s second immersion-cooled building, Building G, immersion-cooling tanks continue to be installed. Installation of all medium voltage transformers for Building G is now complete.

Estimated Hash Rate Growth

By January 2023, Riot anticipates a total self-mining hash rate capacity of approximately 12.6 EH/s, assuming full deployment of approximately 116,150 Antminer ASICs, but excluding any potential expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure, which is approximately 50% complete. Approximately 100% of the Company’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy. In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients.

Human Resources

The Company is pleased to announce Jason Chung as Head of Corporate Development. In this role, Mr. Chung will be responsible for the overall coordination of Riot’s corporate development, capital markets and investor relations related efforts.

Mr. Chung joins the Company following a nearly two-decade long career in investment banking, most recently as Managing Director, M&A with Nomura in Hong Kong where he advised global clients on cross-border transactions primarily in the technology sector. Over the course of his investment banking career, Mr. Chung has advised on nearly $20 billion in strategic transactions, built and grown advisory teams, and has worked in both New York and Hong Kong. Mr. Chung is a CFA charter holder and holds a Bachelor of Commerce degree from the University of Toronto.

Conference Schedule

Riot Blockchain will be presenting at the following upcoming conferences:

• D.A. Davidson Bitcoin & Blockchain Conference on June 2^nd in New York City, NY.
• Digital Assets Council of Financial Professionals Vision Conference on June 8^th in Austin, TX.

About Riot Blockchain, Inc.

Riot Blockchain’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 upstate New York, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

For more information, visit www.RiotBlockchain.com.

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.