Mining giant Riot Blockchain is worth more than $1 billion
Bitcoin mining company listed on Nasdaq with ticker RIOT hits record $1.08 billion
On Monday, in the first hours after the opening of trading, the positions of the mining giant rose by 13 percent. The firm's shares are up 1250% in 2020 and are currently trading above $ 16. At the same time, bitcoin has risen in price by almost 280%.
Since November 2020, Riot Blockchain has issued approximately 17 million shares. The total issue was 67.5 million shares. The interest in the securities of this company is explained not only by the rise in price of bitcoin.
Also, the reason for the growth in the value of shares was:
- Scaling up. 31,000 new ASIC miners were purchased.
- Increased complexity and optimization of cryptocurrency mining. In Texas, water-cooled mining units were tested.
As a reminder, the company's business model changed in 2017 when Riot stopped doing biotechnology and switched to Bitcoin mining.