- The stock price of Riot Blockchain Inc (NASDAQ: RIOT) has increased 9.31%. This is why it happened.
The stock price of digital currency mining operation company Riot Blockchain Inc (NASDAQ: RIOT) has increased 9.31%. One of the biggest triggers for the stock price increase has to do with the surge in Bitcoin prices.
Over the past month, the price of Bitcoin has increased by over 50% as it was trading at $18,785 as of December 1 and now it is at more than $28,420. Plus it is up over 294% over the past year. And as the price of Bitcoin increases, many investors have been buying up shares of Bitcoin miner companies including Riot Blockchain and Marathon Patent Group.
Riot Blockchain had reported its Q3 2020 revenue on November 9. For the quarter, the company reported that it increased mining revenue by 21% to $6.7 million for the 9-month period ended September 30, 2020 compared to $5.6 million in the same nine-month period in 2019. And the company increased cryptocurrency mining revenue margin to 38% for the nine-month period ended September 30, 2020 as compared to 18% during the same nine-month period in 2019.
Plus Riot Blockchain also increased margin of cryptocurrency mining revenues in excess of cost of revenues during the three-month period ended September 30, 2020 to 47%, indicating performance improved in the latter part of the nine-month period ended September 30, 2020.
Riot expects to have a total of 22,640 miners deployed by June 2021, the vast majority consisting of the latest generation S19 Pro miners. And at full deployment, Riot expects to achieve 2.3 EH/s of total hash rate capacity by utilizing 73 megawatts of energy. This would result in Riot having an overall operational efficiency of approximately 32.33 ±% 5 joules per terahash (J/TH).
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.