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Bitcoin Miner Announces Q4/21 Production, 2022 Outlook
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The Quick Take

  • ROTH has a Buy rating and a $46 per share price target on Riot Blockchain Inc.
  • ROTH maintains its Buy on Riot after the company provided its Q4/21 production and 2022 outlook, reported analyst Darren Aftahi in a Jan. 6 research note.
  • Riot produced 1,355 bitcoin in Q4/21, up 349% from Q4/20.
  • The bitcoin company raised its hash rate capacity in Q4/21 to 3.1 exahashes per second (3.1 EH/s) due to another 500 mining machines coming online.
  • Riot ended Q4/21 holding 4,889 bitcoin.
  • Looking to this year, Riot expects deliveries of 37,800 S19 Pro and Bitmain XP mining machines.
  • For full-year 2022, Riot bullishly guided to 120,150 total miners and a 12.8 EH/s hash rate capacity.

Riot Blockchain Inc.'s (RIOT:NASDAQ) Q4/21 production was a miss by about 10%, likely due to some of its newly acquired mining machines not getting installed, COVID restrictions and supply chain problems, reported ROTH Capital Partners analyst Darren Aftahi.

However, during Q4/21, the company increased its hash rate capacity to about 3.1 exahashes per second (3.1 EH/s) from 3, thanks to 500 more S19 generation mining machines getting installed and put online, noted Aftahi. This target hash rate capacity reflects a 313% rise over that of full-year 2021.

Aftahi pointed out that to help meet 2022 guidance, Riot continues to expand its fleet of mining machines. The 8,136 S19 Pro machines delivered in December have yet to be installed and another 10,836 are to be delivered this month. Additionally, starting this July, the company should receive the first of nine monthly deliveries of 3,000 Bitmain XPs.

ROTH expects Riot's rollout of new mining machines to happen more slowly than the bitcoin firm anticipates, Aftahi wrote. Therefore, ROTH models Riot achieving a 12.8 EH/s hash rate in H1/23 rather than by year-end 2022.


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Disclosures for ROTH Capital Partners LLC, Riot Blockchain Inc., Jan. 6, 2022

Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has received compensation for investment banking services from Riot Blockchain, Inc. and Argo Blockchain PLC.
ROTH makes a market in shares of Riot Blockchain, Inc., Argo Blockchain PLC and Tesla, Inc. and as such, buys and sells from customers on a principal basis. Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has managed or co-managed a public offering for Argo Blockchain PLC.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2022. Member: FINRA/SIPC.

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