Riot Blockchain Posts 189% Y/Y Rise in BTC Production for February 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 February 2022, status of miner shipments and deployment, and updates on the 400 megawatt ("MW") infrastructure expansion at the Company's Whinstone US, Inc., ("Whinstone") facility in Rockdale, Texas (the "Whinstone Facility").

"Throughout the month of February Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks," said Jason Les, CEO of Riot Blockchain. "We have begun the performance evaluation process, and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment."

Production Updates

• In February 2022, Riot produced 436 BTC, an increase of approximately 189%, as compared to February 2021 production of 179 BTC.

• As of February 28, 2022, Riot held approximately 5,783 BTC, all produced by the Company's self-mining operations.

• ​Riot currently has a deployed fleet of approximately 38,310 miners, with a hash rate capacity of 3.9 exahash per second ("EH/s").

2022 Estimated Hash Rate

By January 2023, Riot anticipates a total self-mining hash rate capacity of 12.8 EH/s, assuming full deployment of approximately 120,000 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 Riot'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's Whinstone Facility hosts approximately 200 MW of institutional Bitcoin mining clients.