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Company relocates 4,000 Bitmain S17 Pro miners to Massena, New York as part of continued efforts to decrease bitcoin production costs and increase mining output

Riot Blockchain, Inc., one of the few Nasdaq-listed cryptocurrency mining companies in the United States, announces continued improvements and optimization of its bitcoin production, via the relocation of its 4,000 Bitmain S17 Pro miners fromOklahoma Cityto Coinmint, LLCs (Coinmint) facility, inMassena, New York. The Company also announces corporate updates and its BTC production update for the month ofMay 2020.

As previously disclosed onApril 14, 2020, Riot entered into a colocation agreement with Coinmint. The transition to Coinmint is an important part of Riots focus to improve its production cost efficiencies and mining output. The Coinmint energy pricing and hosting arrangement is expected to significantly decrease the direct cost of BTC production as compared to RiotsOklahoma Cityoperation, while also appreciably increasing mining uptime. Additionally, Riot now has a clear path forward to continue expanding its total hashing capacity.

During May and earlyJune 2020, Riot successfully relocated 4,000 Bitmain S17 Pros toMassena, New York. To date, 75% of the miners have been deployed, and all miners are expected to be fully deployed byJune 15, 2020. TheOklahomafacility lease expires onJune 30, 2020at which time the Company plans to have exited theOklahomafacility.

Ashton Soniat, CEO of Coinmint, stated, As the largest capacity cryptocurrency mining facility inNorth America, Coinmint is designed to meet the needs of mining partners of Riots caliber. We have worked hard to provide the best mining services at the lowest cost to institutional BTC miners. This partnership allows our clients to further expand upon our facilities and leverage Coinmints low-cost base to enhance overall margins for all parties.

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Strategic Opportunities:Riot engaged XMS Capital Partners in early 2020 to assist the Company in evaluating its strategic growth opportunities. XMS introduced Riot to Coinmint and continues to advise the Company on potential strategic opportunities and transactions in bitcoin mining related operations.

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Riot Blockchain Continues Optimization of Mining Operations - AiThority