Castle Rock, CO, May 03, 2022 — 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 April 2022.

Bitcoin Production and Operations Updates

• In April 2022, Riot produced 508 BTC, an increase of approximately 150%, as compared to April 2021 production of 203 BTC.
• As of April 30, 2022, Riot held approximately 6,320 BTC, all produced by the Company’s self-mining operations.
• In April 2022, Riot sold 250 Bitcoin generating net proceeds of approximately $10.0 million.
• Riot currently has a deployed fleet of approximately 46,375 miners, with a hash rate capacity of 4.7 exahash per second (“EH/s”).

“April marks yet another incredible milestone for Riot, with the announcement of the Company’s 1 gigawatt (GW) Expansion in Navarro County, Texas,” said Jason Les, CEO of Riot. “Our ability to source and manage this second significant expansion opportunity in Texas exemplifies the Company’s partnership-driven approach with all stakeholders, including the Company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development. We are excited to build upon our demonstrated ability to develop high-quality, large-scale digital infrastructure, leveraging our experienced employee base and opening the doors to new jobs and economic opportunities in Navarro County.”

Mining Deployment and Shipment Update

Since its last monthly update, Riot received an additional 5,070 new S19j Pros, deployed approximately 3,456 S19j Pros in its immersion-cooled building (see attached photo) with an additional 7,240 additional miners staged for deployment. Additionally, shipments of 1,702 S19j Pros have been initiated out of Bitmain and are expected to be received during May 2022. Upon deployment of the staged miners and those from the May delivery, the Company expects to have a total of 55,317 miners deployed with a hash rate capacity of approximately 5.6 EH/s.

Infrastructure Update

During April, progress continued Riot’s 400 megawatt (“MW”) infrastructure expansion project at its Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas. Buildings D and E, both employing air-cooled technology, are advancing towards completion. Electrical work continues; medium voltage switchgear is currently being installed in Building D and structural columns and beams are being installed in Building E.

Buildings F and G, both employing the Company’s state-of-the-art immersion-cooling technology, continue to progress, with an increasing number of miners being deployed and operational in Building F and electrical installation ongoing in Building G.

Building X, Riot’s Employee Training and Health & Safety Center is progressing with the roof nearing completion and the finalization of its indoor layout.

Estimated Hash Rate Growth

By January 2023, Riot anticipates a total self-mining hash rate capacity of approximately 12.8 EH/s, assuming full deployment of approximately 120,150 Antminer ASICs, but excluding any potential expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Approximately 97% 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 the hiring of Colin Yee as Head of Corporate and Financial Operations. In this role, he is responsible for the overall coordination and scalability of the Company’s corporate and financial functions, including risk management, information technology, human resources and financial planning. Mr. Yee is an experienced business partner and team builder, having successfully grown businesses by working collaboratively to implement key processes, reporting tools and internal controls.

Prior to joining Riot, Mr. Yee was the CFO of a mid-market private equity firm specializing in renewable energy and infrastructure, the CFO of a publicly traded real estate company in Canada, and most recently, the COO and CFO of a family office with controlling interests in companies focused on construction and geothermal systems. He is a Chartered Professional Accountant and holds Bachelor of Science and Bachelor of Commerce degrees from the University of Calgary.

Conference Schedule

Riot Blockchain will be presenting at the following upcoming conferences:

• Tudor Pickering Holt: Hotter ‘N Hell Energy Conference on May 19^th in Houston, TX.
• 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.

2022 First Quarter Financial Report Filing

The statutory filing deadline for the Company’s First Quarter Financial Report is May 10^th, 2022.

About Riot Blockchain, Inc.

Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. The Company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement. Through Riot’s subsidiary ESS Metron, the Company engineers and manufacturers electrical equipment solutions for Bitcoin mining and other industries. The Company’s headquarters is in Castle Rock, Colorado, the Whinstone Facility operates in Rockdale, Texas and the Expansion is in Corsicana, Texas. Riot also has mining equipment operating in upstate New York under a co-location hosting agreement with Coinmint, LLC. 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 are made in reliance 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 other factors that may cause actual results to differ materially from those expressed or implied by statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including in 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, and our other filings with the SEC, copies of which may be obtained from the SEC’s website at 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 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 rely on forward-looking statements. 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 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 rely on forward-looking statements.

Attachments

• Riot Blockchain Hash Rate Capacity Growth Updated April of 2022
• Riot’s Immersion-Cooled Dedicated Building F Update April 2022

Trystine Payfer
Riot Blockchain, Inc.
303-794-2000 ext. 118
PR@riotblockchain.com

Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com