Chad “GigaChad” Harris, RIOT BLOCKCHAIN, Updated Deck

Find it humorous that Chad Harris chose an incel name as his handle — GigaChad.

RIOT just updated it’s investor presentation. You can find it here. Interesting to compare to the old one here:

• The big change is the huge reduction in detail. No forecasting or anything like that. In my opinion this is because the forecasts were looking pretty unbelievable and bad.
• Most of the charts leave off axis and actual numbers now
• 67% “bitcoin mining direct margin” becomes “65.4% gross mining margin” which looks like the same number, but it’s not. It is net power credits.
• Same trick with “direct cost to produce 1 BTC” and “cost of power, using a different calculation.
• No longer calling themselves a “leader in developed capacity”, “leader in self-mined bitcoin production”, “leader in hash rate deployed”, etc with charts comparing to other miners.
• 6 EH by Jan 2023 is replaced with “12.5 by Q1 2023”
• 270 jobs created becomes 200+. As they finish out Whinstone, it’s not surprising that they will no longer need very many workers. It’s sad that the largest employer in town is probably not going to need a lot of employees in a few months.

On slide 10, they also show this “growth plans … fully funded” slide showing how they plan to fund the Coriscana build out. But in small test, it mentions that for Corsicana this includes “infrastructure capital expenditure only“. In other words, this doesn’t include the vastly most expensive part of building a bitcoin mine – bitcoin miners.

And even then it shows them netting out negative by the end of 2023, only months away from a halving that will decimate revenue, with an empty Corsicana facility.

Slide 7 shows solar panels and wind farms which RIOT has nothing to do with. The first slide shows a dirty coal power plant sitting in the background behind RIOT. That’s not an active plant any more, but RIOT is trying to claim they are somehow green, without anything to back it up.