Bitcoin Miner Riot Blockchain firm ended the week up 50% after hitting two-year highs. Great news for investors.
In particular, Riot posted its lowest loss per share in the third quarter. Basically, since the company fully implemented its cryptocurrency mining infrastructure, more than two years ago.
As a curious fact, Bitcoin Miner Riot Blockchain is one of the few Blockchain companies, which is listed on the traditional Wall Street stock exchange.
Riot Blockchain Ends Week Up 50%
Shares of the publicly traded Bitcoin mining company Riot Blockchain were up 50% this week. Therefore, they traded below $ 6.00 at the end of the week. Now, Bitcoin gained almost 17% during the same period.
Sure enough, Riot shares rose even higher in the early hours of Friday. Reaching $ 6.60, a level not seen since early September 2018.
Riot price. Source: Riot Blockchain, Inc.
According to Ryan Watkins, Bitcoin analyst at Messari: “The indirect effect of the resurgence of interest in cryptocurrencies is one of the reasons for the recent gains in mining stocks. As a consequence, it is natural for mining stocks to rise with cryptocurrencies. ‘
Similarly, Ethan Vera, co-founder of the Seattle-based mining company Luxor Technology stated: “Public mining companies like Riot, which emphasize their Bitcoins reserves, have seen very positive reactions from the market.”
In addition, he added: “The companies that liquidate fiat every day, did not see big profits.”
Simply put, Riot continues to outperform Bitcoin. And investors enjoy a 390% return to date, compared to Bitcoin’s 168% gain.
For its part, Riot Blockchain has caught the attention of institutional investors and the traditional stock market. Being one of the few solid companies dedicated to Bitcoin mining, which is listed on the United States stock exchange.
The Company is definitely expanding and improving its mining operations. Currently securing the most energy efficient miners available.
According to Ethan Vera: “With the current market momentum, many of the mining companies that have never made a profit are likely to report positive EBITDA going into 2021.”
Finally, the firm plans to continue expanding its mining capacity. Reporting a 450% increase in hashing power for the third quarter during the same period in 2019, reaching 556 Petahash per second (PH / s).
I retire with this phrase from Peter Drucker: “Where there is a successful company, someone once made a brave decision.”