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Tag: Riot Blockchain Stock

  • Why Riot Blockchain Inc. (RIOT) had a good Friday?

    Why Riot Blockchain Inc. (RIOT) had a good Friday?

    Riot Blockchain Inc. (RIOT) shares surged 6.22% in after-hours on Friday, July 30, 2021, and closed the July trading at $35.00 per share. in the regular trading on Friday, RIOT’s stock gained 3.29%. RIOT shares have risen 1192.16% over the last 12 months, and they have moved up 17.26% in the past week. Over the past three months, the stock has lost 21.23%, while over the past six months, it has declined 60.58%. RIOT has a current market of $2.68 billion and its outstanding shares stood at 83.16 million.

    Let’s have a brief discussion about its recent developments.

    RIOT June Production and Operations Updates

    On July 08, 2021, Riot Blockchain, Inc. announced its June production and operations updates, including its unaudited Bitcoin (BTC) production for June 2021 and its miner deployment status.

    • Riot produced 243 BTC in June 2021 which is an increase of approximately 406% over its June 2020 production of 48 BTC.
    • The Company produced a total of 1,167 BTC Year to date through June 2021, an increase of approximately 130% over its pre-halving BTC production during the same 2020 period of 508 BTC.
    • Riot held approximately 2,243 BTC, as of June 30, 2021, all of which were produced by its mining operations.

    RIOT exceptional gains in June 2021

    Riot Blockchain surged 38.8% in June despite the Bitcoin price was down 7% in June. However, the company overcame headwinds due to its deal with Mogo, a fintech company based in Canada. In short, Riot gave its stake in cryptocurrency exchange Coin square to Mogo in exchange for a stake of Mogo. According to the terms of the deal, it now has almost 3.2 million shares of Mogo, valued at around $23 million. This stake is less than 5% of its total outstanding shares.

    Riot Acquisition of Whinstone US

    On May 26, 2021, Riot Blockchain, Inc completed its previously announced acquisition of Whinstone US (Whinstone) from Northern Data. The total consideration paid in the transaction was 11.8 million shares of Riot common stock and $80 million in cash, funded with cash on the balance sheet.

    The company plans to immediately commence further development of additional facilities at Whinstone to rapidly bring the property to its current capacity of 750 MW.

    Major appointments

    On May 24, 2021, Riot Blockchain Inc appointed Benjamin Yi as Executive Chairman, and Lance D’Ambrosio has been appointed to the Company’s Board of Directors, as an independent director.

    Additionally, the company appointed two new members to its board of directors, Lance D’Ambrosio as an independent director and Hubert Marleau as a lead independent director.

    Conclusion

    As of this writing, we have no recent news that could be linked with its gains on Friday. The companies related to Cryptocurrencies performed well recently so it may be the reason behind its surge on Friday. we can expect it to commence the new week by continuing its momentum on Monday.

  • Find out why Riot Blockchain Inc. (RIOT) is seeing gains today

    Find out why Riot Blockchain Inc. (RIOT) is seeing gains today

    Riot Blockchain (NASDAQ: RIOT) stock surged by 5.85% in the recent trading session leading to the stock price of $53.05.

    The rise in the RIOT stock is correlated to the bullish movement in cryptocurrency Bitcoin (BTC).

    Riot Blockchain was not always a Blockchain

    Initially, Riot Blockchain started as a diagnostic equipment maker company in the year 2000. However, the business did not have much success. 17 years later, the company shifted its focus from medical equipment producer to a BlockchainCompany as it stepped into the crypto industry.

    The company has acquired high-powered mining systems and sophisticated algorithms for crypto-mining and the creation of Bitcoins. IT specifically approaches the mining concept through a category is known as proof-of-work (PoW) mining. PoW mining companies have to compete with other companies to acquire Bitcoins through solving complex algorithmic puzzles.

    How Bitcoin influences the stock value of crypto-mining companies and currencies

    The reason for BTC to soar is because of the very recent announcement by the “TechnoKing” of Tesla; “You can now buy a Tesla with Bitcoin” Elon Musk tweeted at 3 am EST Wednesday. Similarly, Chair of the Federal Reserve, Jerome Powell praised the biggest cryptocurrency. Jerome said that BTC resembles a speculative asset which can substitute gold rather than for the dollar which does not have intrinsic value.

    Whenever Bitcoin rises or falls due to major news, it influences the movement of many crypto-coins especially Ethereum, and along with it the stock value of crypto-mining companies. Riot Chain is a small company compared to other Blockchain companies. However, RIOT has the advantage of being one of the few publically traded cryptocurrency companies.

    How does this affect the outlook for RIOT stock?

    Essentially, RIOT stock is classically influenced by the momentum of the Bitcoin’s performance.  This phenomenon can work both in favor and against the company’s stock movement. Wall Street analysts predict that since the stock’s fundamental lacks innovation and sees an increased number of competitors, it will lose 54% of its value by next year.

    However, a lot of investors and businesses like TESLA are leaning towards the cryptocurrency’s play in this era of digital wallets and online transactions. Many hedge funds and financial institutions are allocating their portfolio to cryptocurrencies. Mastercard (MA) and PayPal (PYPL) have already integrated cryptocurrency in their financial network for the medium of exchanges.

    Overall, cryptocurrency does not seem to be going anywhere as its foundation seems bold; it is possible to witness bullish trends for it in the near future while expecting periodic drops in the value.