Riot Blockchain Records 460% Rise In Bitcoin Hashing Capacity: What You Need To Know – Yahoo Finance

Riot Blockchain Records 460% Rise In Bitcoin Hashing Capacity: What You Need To Know – Yahoo Finance

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Riot Blockchain Stock Price Target Gets a Big Boost

The price of Bitcoin currently sits roughly 4% beneath the all-time high achieved in mid-March, barely a pullback in crypto terms. Since last year’s Covid-driven slump, the uptrend has shown itself to be particularly resilient. The Bitcoin price surge has been reflected in the price of Bitcoin stocks, which have been on a tear, too. Tear might be an understatement when considering Bitcoin miner Riot Blockchain’s (RIOT) performance. The stock is up by a barely believable 6,570% over the past 12 months. The Bitcoin miner’s latest quarterly results give some credence to the surging share price and H.C. Wainwright’s Kevin Dede says they are “indicative of mining power to come.” In 4Q20, Riot’s mining revenue increased by 113% quarter-over-quarter to reach to $5.2 million, handily beating Dede’s $3.6 million estimate. The company turned a profit in the quarter, too, with $3.9 million in net income on a GAAP basis vs. the $3.4 million net loss reported a year ago. “With consistently high—relative to 2020 pricing history—bitcoin prices, and what we and many others perceive as a bitcoin supply-demand imbalance, Riot’s outlook appears exceedingly bright at least through the balance of the year primarily on the semiconductor and mining machine shortages Riot mostly mitigated via advanced purchase agreements, in our opinion,” the
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