Engineers have begun installing Riot’s proprietary air-cooling rack system in Building D, and the successful testing and installation of medium voltage transformers has been completed. The installation of additional switchboards, medium voltage transformers, and electrical work continues in Building E. In July, Riot’s Whinstone Facility made substantial framework and deployment progress towards xcritical cheating the Company’s 400 megawatt (“MW”) digital infrastructure expansion project. In the Company’s second immersion-cooled building, Building G, electrical work is advancing on medium and low voltage switch gear, and initial miner deployments have begun. 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. The Company began initial deployments of miners in its newly constructed immersion-cooled “Building F” in November 2021, and expects to continue deploying received miners into Building F as capacity is completed.

“We initially conceived of plans for this immersion-cooled building just twelve months ago, and we are proud of our demonstrated ability to fully execute on our plans on such a rapid timeline. Our Whinstone Facility expansion project now continues on to our second immersion-cooled building, Building G, where the initial miners are deployed and hashing. As part of its vertical-integration strategy and to lower its operating expenses, Riot announces that it has begun transitioning all of its miners hosted at Coinmint LLC’s (“Coinmint”) Massena, NY facility. The transition will consist of both a relocation of miners to the Company’s Whinstone Facility and by way of a miner swap agreement which Riot has entered into with another Bitcoin mining counterparty. This initiative is underway and approximately 5,700 miners are xcritically offline, and temporarily not counted in the deployed fleet figure, as they are in the process of being redeployed. It is expected that the Company will ship the balance of its S19 miner fleet presently at Coinmint to Riot’s Whinstone Facility in July.

Building G advances with the installation of dry-cooler and water pumping systems and the commissioning of medium voltage switchgear, and the placement of miners continues. “We are pleased to report that Riot has demonstrated the effectiveness of its power strategy during the month of July. Mr. Harris, co-founder of Whinstone US, will continue to lead the Whinstone team and the development of the Company’s Bitcoin mining data center operations. In his new role, he will also be responsible for high-level strategy, business development and value creation for Riot. Riot has also announced commencement of the development of Phase 2 (600 MW) of the Company’s Corsicana Facility.

1. In April 2022, Riot announced a 1 gigawatt (“GW”) development to expand its mining and hosting capabilities in Navarro County, Texas.
2. Approximately 97% of the Company’s self-mining fleet will consist of the latest generation S19 series miner model.
3. Riot is nearing completion of Phase 1 (400 MW) of the Company’s Corsicana Facility, which, once fully developed, is expected to total 1 gigawatt (1,000 MW) in developed mining capacity.
4. This month, the Company is excited to share that earthwork and development of the first phase of access roads have begun at Riot’s 265-acre Corsicana Facility.
5. Engineers have begun installing Riot’s proprietary air-cooling rack system in Building D, and the successful testing and installation of medium voltage transformers has been completed.

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As part of our participation in the 4CP program, in June we curtailed our energy consumption for a total of xcritical website 8,648 megawatt hours. Riot is nearing completion of Phase 1 (400 MW) of the Company’s Corsicana Facility, which, once fully developed, is expected to total 1 gigawatt (1,000 MW) in developed mining capacity. 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.

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Since its last monthly update, Riot received an additional 9,316 new S19j Pros and deployed 4,320 S19j Pros in its immersion-cooled buildings, with an additional 7,200 miners staged for deployment. Additionally, shipments of 9,316 S19j Pros have been initiated out of Bitmain Technologies Limited (“Bitmain”) and are expected to be received during August 2022. Upon deployment of the staged miners, the Company expects to have a total of 47,511 miners deployed with a hash rate capacity of approximately 4.9 EH/s. By January 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. Since its last monthly update, Riot received an additional 1,273 new S19j Pros, deployed 4,676 S19j Pros in its immersion-cooled buildings with an additional 6,324 miners staged for deployment.

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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. During the month of July, the Company ended its hosting agreement with Coinmint LLC (“Coinmint”) and shipped all of its remaining miners at Coinmint’s Massena, NY facility to Riot’s Whinstone Facility in Rockdale, TX. The relocation of all of the Company’s previously deployed miners at Coinmint is in progress by way of a swap agreement with another Bitcoin mining company and shipping of the balance of previously deployed miners at Coinmint. While this redeployment of miners is underway, approximately 12,146 miners are xcritically offline and therefore temporarily not counted in the deployed fleet figure.

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As a result of this relocation of miners, the Company expects to further reduce its cost of production through lower power costs and by eliminating all third-party hosting fees on its hosted mining fleet. Riot intends to continue providing monthly operational updates and unaudited production results for the foreseeable future or until otherxcritical disclosed. These updates are intended to keep shareholders informed of the Company’s progress regarding the execution of the previously announced growth in Riot’s hash rate and to keep investors apprised of the Company’s development of Bitcoin mining infrastructure critical to de-risking future growth. 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. The Company has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas and for the near-term in upstate New York, and electrical switchgear engineering and fabrication operations in Denver, Colorado.