Riot Announces March 2025 Production and Operations Updates

1. Unaudited, estimated.
2. As of month-end.
3. Average over the month.
4. Estimated power curtailment credits.
5. Estimated credits received from participation in ERCOT and MISO demand response programs.
6. Estimated. Inclusive of all transmission and distribution charges, fees, adders, and taxes. Net of Total Power Credits.

"Riot mined 533 bitcoin in March, which represents a new post-halving production high for the Company," said Jason Les, CEO of Riot. "The operational improvements our onsite teams have made are demonstrating results in both operating hash rate growth and bitcoin production, despite increases in the network difficulty."

"During March, Altman Solon, a leading consultant to the data center industry, completed its feasibility study in relation to the 600 MW of available capacity at our Corsicana Facility for AI/HPC uses. I'm pleased to report the study highlighted several factors which make the Corsicana site an attractive asset to serve potential AI/HPC tenants looking to accelerate their time to market. Some of the attributes of our Corsicana Facility for AI/HPC use identified in the report included 1.0 GW of secured power, its location in close proximity to Dallas, developable land acreage, and presence of fiber and water onsite. The report also identified the potential to serve both inference AI and cloud type workloads to potential tenants, further strengthening the potential market demand for, and value of, our Corsicana Facility as an AI/HPC data center. We look forward to providing additional updates as we work to continue aggressively developing the available capacity at the Corsicana Facility for these uses."

Altman Solon Feasibility Study Update¹

In March, Altman Solon delivered the results of its study to evaluate the feasibility of developing the approximately 600 megawatts ("MW") of remaining power capacity at the Company's Corsicana Facility for AI/HPC uses.

Altman Solon's feasibility study identified four key factors that Riot believes support the site's viability to potentially serve AI/HPC customers in a competitive timeframe:

(i)  1.0 GW of secured power fully approved with a Facilities Extension Agreement ("FEA") in place, 400 MW currently operational, and additional 600 MW substation currently under construction;
(ii)  265 acres of owned land, with approx. 65 acres developable, 35 acres vacant and opportunities to further expand available land;
(iii)  Location 60 miles from Dallas, Texas, a Tier-1 Cloud/AI market;
(iv)  Additional growth potential through Riot's multi-site portfolio, supply chain capabilities, and powered land acquisition capabilities.

During this period, Riot continued to progress capitalizing on the AI/HPC opportunity across multiple workstreams, and in conjunction with our advisors, will continue to aggressively pursue AI/HPC data center development.

¹ This information has been excerpted from the report provided to Riot exclusively for its own internal use and is subject in all respects to the terms and conditions agreed to between Altman Solon and Riot, including restrictions on disclosure and the disclaimer of third-party beneficiaries. This information is being provided on a non-reliance basis and any such reliance by you shall be at your own risk.  Except with respect to Riot, Altman Solon, LP and its subsidiaries (i) disclaim any and all contractual and other responsibilities, warranties, and duties with respect to that report (including the excerpts thereof contained in this document) and (ii) shall have no liability whatsoever resulting from the disclosure of the excerpts of that report contained in this document to, or reliance on those excerpts by, any recipient.

Investor Events

• Jones Healthcare & Technology Innovation Conference in Las Vegas, NV, on April 9^th.

Human Resources Update 

Riot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network.

Open positions are available at: https://www.riotplatforms.com/careers. 

About Riot Platforms, 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 operations in central Texas and Kentucky, and electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas.

For more information, visit www.riotplatforms.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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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," similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements relating to the Company's development at its Corsicana Facility and the Company's plans, projections, objectives, expectations, and intentions about future events and trends that it believes may affect the Company's financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: risks related to the Company's growth, the anticipated demand for AI/HPC uses, the feasibility of developing the Company's power capacity for AI/HPC uses, competition in the markets in which the Company operates, market growth, the Company's ability to innovate and expand into new markets, the Company's ability to realize benefits from its implementation of new strategies into its business, estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the development of our mining facilities in Texas, Kentucky and elsewhere; our expected schedule of new miner deliveries; our access to electrical power; the impact of weather events on our operations and results; our ability to successfully deploy new miners; the variance in our mining pool rewards may negatively impact our results of Bitcoin production; our megawatt capacity under development; risks related to the Company's inability to realize the anticipated benefits from immersion cooling; the inability to integrate acquired businesses successfully, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; or the failure of the Company to otherwise realize anticipated efficiencies and strategic and financial benefits from our business strategies. 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, 2023, 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. 

Investor Contact: 
Phil McPherson 
303-794-2000 ext. 110
[email protected] 

Media Contact: 
Alexis Brock 
303-794-2000 ext. 118
[email protected]  

SOURCE Riot Platforms, Inc.