Riot Blockchain Inc (NASDAQ:RIOT) has been crushed over the past 3 months. It was an upside leader in the crypto space. And now it’s a downside leader. But the stock is volatile and the door swings both ways.
To make matters more interesting, the company just announced production and operations update for December 2021, including a further increase in estimated self-mining hash rate capacity for 2022, updates to the status of miner shipments and deployment, updates on the 400-megawatt infrastructure expansion at the Company’s Whinstone US, Inc., facility in Rockdale, Texas and other corporate highlights.
Riot Blockchain Inc (NASDAQ:RIOT) has become one of the most recognizable stocks in the crypto space, but shares have been sliding sharply of late. The company is expanding and upgrading its mining operations by securing the most energy efficient miners currently available. The company also holds certain non-controlling investments in blockchain technology companies.
Riot is headquartered in Castle Rock, Colorado, and the company’s mining facility operates out of upstate New York, under a co-location hosting agreement with Coinmint.
As noted above, RIOT just announced announced production and operations update for December 2021, including a further increase in estimated self-mining hash rate capacity for 2022, updates to the status of miner shipments and deployment, updates on the 400-megawatt infrastructure expansion at the Company’s Whinstone US, Inc., facility in Rockdale, Texas and other corporate highlights.
“Riot is purpose-built to excel in Bitcoin mining,” said Jason Les, CEO of Riot Blockchain. “As a result of the Company’s vertically integrated strategy, Riot enters 2022 with a uniquely de-risked expansion plan, as the major components to succeed at an industrial-scale have been internalized. In addition to reducing execution risk, Riot’s vertically integrated strategy highlights the significant operational and financial benefits of its investments in engineering and technology, which is further demonstrated by the deployment of immersion-cooling technology at a significant industrial scale. In 2022, Riot plans to continue focusing on operational execution, which management believes will continue to highlight the Company’s vertically-integrated business strategy and its position as a low-cost producer of Bitcoin.”
The chart shows -2% tacked on to share pricing for the name in the past week, but that move comes in the context of a larger bearish trend. That said, RIOT has evidenced sudden upward volatility on many prior occasions. What’s more, the stock has benefitted from a jump in recent trading volume to the tune of 14% above its longer-run average levels.
Currently trading at a market capitalization of $1.7 billion, RIOT has a significant war chest ($173.8M) of cash on the books, which is balanced by about $25.6M in total current liabilities. RIOT is pulling in trailing 12-month revenues of $127.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 2532.3%. We will update the story again soon as developments transpire.
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