tl;dr
Riot Platforms, a cryptocurrency mining company, mined 458 bitcoins in October, surpassing the previous month's production and falling slightly behind the same period last year%2E The increase in mining operations was due to the decrease in grid demand in Texas%2E Despite this, the company still gen...
Riot Platforms, a cryptocurrency mining company, announced that it mined 458 bitcoins in October, surpassing the previous month's production of 362 tokens and falling slightly behind the 509 tokens generated in the same period last year. The increase in mining operations was attributed to the decrease in grid demand as temperatures cooled in Texas. Despite this, the company still generated Power and Demand Response Credits through its power strategy. Power Credits fell to $1.0M from $11.0M the previous month, while Demand Response Credit decreased to $1.8M from $2.6M in September. In addition to its mining operations, Riot Platforms sold 440 bitcoins during October at an average price of $28,408, resulting in net proceeds of $12.5M. As of October 31, 2023, the company held a total of 7,345 BTC. Furthermore, Riot Platforms saw an increase in its deployed hash rate, reaching 11.7 exahashes per second (EH/s), up from 10.9 EH/s in September and 6.9 EH/s in October 2022. This growth in hash rate was attributed to the ongoing repairs to one of the company's immersion buildings, Building G.
More about Riot Blockchain Inc
Riot Blockchain Inc (RIOT) is a cryptocurrency mining company based in Castle Rock, Colorado. The company has a market capitalization of $2.26 billion and operates in the LIFE SCIENCES sector. RIOT's financial performance has been mixed, with negative EBITDA of -$78.99 million and a profit margin of -1.076%. However, the company has shown growth with a quarterly revenue growth of 5.2% and a quarterly earnings growth of 233.3% year over year. RIOT's stock has a 52-week high of $20.65 and a 52-week low of $3.25. Currently, the stock is trading at a 50-day moving average of $10.06 and a 200-day moving average of $10.7. Market sentiment towards RIOT is volatile, with a beta of 4.267. Analysts have a target price of $17.21 for the stock. Overall, RIOT's financials and stock performance demonstrate both potential and risk in the cryptocurrency mining industry.