Riot Platforms, Inc.

Riot Platforms, Inc., a Nevada corporation, (the “Registrant”) was unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Annual Report”) without unreasonable effort or expense for the reasons discussed below. The delay is principally the result of the Registrant concluding that required restatements of certain financial statements included in prior reports in accordance with FASB ASC Topic 250, Accounting Changes and Error Corrections, (“ASC 250”) relating to errors identified in such past financial statements during the preparation of our 2022 Annual Report, as described herein. Specifically, the Registrant, in consultation with its independent accounting firm, Marcum LLP (the “Auditors”), determined that it has not been appropriately calculating impairment with respect to its Bitcoin assets in accordance with ASC 350-30-35-19, as disclosed in the Registrant’s Current Report on Form 8-K filed on March 2, 2023 (the “Current Report”). After assessing the impact of this revised impairment assessment methodology, the Registrant determined that material errors in certain of its financial statements and reports resulted

Riot Blockchain, Inc. (the “Registrant”) is unable, without unreasonable effort or expense, to timely file its Quarterly Report on Form 10-Q for the period ended June 30, 2022 (the “Quarterly Report”) by the August 9, 2022, deadline for the reasons discussed below. The Registrant is required to perform goodwill impairment assessments at least annually, and more frequently if indicators of impairment exist. In response to recent adverse changes in business climate, including decreases in the price of Bitcoin and increased volatility of equity markets, as evidenced by declines in the market price of the Registrant’s securities, those of its peers, and major market indices, the Registrant has determined to perform an impairment assessment of its carrying value of recorded goodwill. The complexity of analyzing the impact of various global macroeconomic and geopolitical factors, such as the ongoing war in Ukraine, global logistics slowdowns, and recent significant inflationary pressures, on the Registrant’s carrying value of recorded goodwill is causing a delay in finalizing the Registrant’s accounting determinations, which must be concluded before the Registrant’s interim financial statements to be included in the Quarterly Report can be completed. For the foregoing reasons, the Registrant requires additional time to complete the procedures relating to its review and assessment of its carrying value of recorded goodwill; and, as a result, is unable to file the Quarterly Report within the prescribed time period. The Registrant is working diligently to complete this goodwill impairment assessment, and it expects to file the Quarterly Report within the five-day extension of the time period to file the Quarterly Report provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended

Riot Blockchain, Inc. (the “Registrant”) is unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”) without unreasonable effort or expense for the reasons discussed below. During the fiscal year ended December 31, 2021, the Registrant completed the acquisition of two significant subsidiaries, Whinstone US, Inc. (“Whinstone”), and ESS Metron, LLC (“ESS Metron”), as reported on the Registrant’s Current Reports on Form 8-K filed May 26, 2021 and December 1, 2021, respectively. Whinstone and ESS Metron conduct separate businesses from the Registrant’s core Bitcoin mining business and the Registrant’s management, accounting, and financial reporting teams have devoted significant time and effort to completing the complex process of integrating and consolidating their business and financial reporting with the Registrant’s own as of December 31, 2021, thus delaying the completion of the audited consolidated financial statements to be included in the Annual Report. In addition, the Registrant is entering large accelerated filer status after previously qualifying as a smaller reporting company and, as a result, the filing deadline for the Annual Report has been accelerated to March 1, 2022, giving the Registrant 30 less days to complete these processes and finalize the audited consolidated financial statements for inclusion in the Annual Report. For the foregoing reasons, the Registrant requires additional time to complete the procedures relating to its year-end reporting processes, and, as a result, is unable to file the 2021 Annual Report by the prescribed filing deadline. The Registrant is working diligently to complete the necessary year-end processes, and it expects to file the Annual Report within the fifteen-day filing extension provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended

The Registrant is unable to file its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 (the “Quarterly Report”) by the prescribed date of August 16, 2021 without unreasonable effort and expense because the Registrant requires additional time to complete certain disclosures and analyses to be included in the Quarterly Report pertaining to its subsidiary, Whinstone US, Inc., which the Registrant acquired on May 26, 2021. In accordance with Rule 12b-25 under the Securities Exchange Act of 1934, as amended, the Registrant hereby undertakes to file the Quarterly Report on or before the fifth (5th ) calendar day following the prescribed due date of August 16, 2021