Riot Platforms Ord Shs Stock Price, News & Analysis

Riot Blockchain (NASDAQ: RIOT) reported significant production increases, with 187 BTC mined in March 2021, up 80% from March 2020. Total production for Q1 2021 reached 491 BTC, a 75% rise year-over-year. The company holds over 1,565 BTC. Notably, Riot plans to acquire Whinstone US, boosting its capacity significantly. The acquisition will be valued at approximately $651 million. Additionally, Riot is increasing its mining fleet and hash rate, projecting approximately 5 EH/s by the end of 2021. Financial reporting is expected on May 17, 2021.

Riot Blockchain has announced the acquisition of Whinstone US, Inc. for $80 million cash and 11.8 million shares, valuing the deal at approximately $651 million. This acquisition positions Riot as the largest publicly traded Bitcoin mining and hosting company in North America, enhancing its operational capacity significantly. Whinstone's facility includes a 750 MW power capacity, of which 300 MW is developed. The deal is anticipated to close in Q2 2021, subject to regulatory approvals.

Riot Blockchain (NASDAQ: RIOT) has announced a purchase agreement for 42,000 S19j Antminers from Bitmain for $138.5 million. This strategic move is expected to enhance Riot's hash rate to a total of 7.7 EH/s, marking a 93% increase from its previous capacity. Deliveries are scheduled to commence in November 2021, contributing to Riot's efforts to become a leader in Bitcoin mining efficiency. The company anticipates a total fleet of approximately 81,150 Antminers, significantly bolstering its market position amidst a global hardware shortage.

Riot Blockchain has announced key management changes aimed at supporting its rapid growth in the cryptocurrency mining sector. Megan Brooks has been promoted to Chief Operating Officer, having previously served as VP of Finance, while Ryan Werner and Phil McPherson join as Vice President of Finance and Vice President of Capital Markets, respectively. These appointments are expected to enhance Riot's operational efficiency and investor relations, further positioning the company for success in a competitive industry.

Riot Blockchain (NASDAQ: RIOT) reported significant financial results for Q4 and FY 2020. The company achieved GAAP profitability with a net income of $3.9 million in Q4, up from a loss of $3.4 million in Q4 2019. Mining revenues soared 116% sequentially to $5.2 million. The hashing capacity grew by 460% year-over-year, while Bitcoin on the balance sheet increased by 110%. Riot's working capital surged over 2,000% to $233.9 million. For 2020, total mining revenue rose 78% to $12 million, with a gross profit of $5.7 million, signifying robust operational efficiency.

Riot Blockchain (NASDAQ: RIOT) released an operations update on March 15, 2021, detailing bitcoin production and miner acquisitions. In Q4 2020, the company mined 302 BTC and produced a total of 1,005 BTC for the year. In January and February 2021, production increased to 125 BTC and 179 BTC, respectively. Riot has acquired 1,500 new S19j Pro Antminers, with plans to achieve a mining capacity of 4.0 EH/s through ongoing shipments. The company anticipates monthly updates on production and operational growth throughout 2021.

Riot Blockchain (NASDAQ: RIOT) announced an estimated hash rate capacity of 1.06 Exahash per second (EH/s) following the deployment of 2,002 S19 Pro Antminers. This marks a 26% increase in hash rate capacity. The new miners are part of a larger order from Bitmain, which includes an additional 26,100 miners expected to enhance Riot's total capacity to approximately 3.8 EH/s by late 2021. CEO Jason Les emphasized that this achievement is just one step in the company's growth strategy, aimed at significantly expanding its mining operations.

Riot Blockchain (NASDAQ: RIOT) has appointed Jason Les as Chief Executive Officer and Hannah Cho as an independent director on its Board. Les, with a background in Bitcoin mining and protocol development since 2013, aims to enhance the company's strategic focus on Bitcoin mining. The transition follows the decision to expand mining capabilities, positioning Riot to capitalize on opportunities within the growing Bitcoin market. Jeff McGonegal will return to his role as Chief Financial Officer.

Riot Blockchain (NASDAQ: RIOT) has received and is deploying 2,500 S19 Pro Antminers, increasing its operational hash rate capacity by nearly 50% to 842 petahash per second (PH/s). This deployment is part of a larger agreement with Coinmint LLC, where Riot's miners benefit from low-cost renewable energy. The company expects to further expand its mining capacity significantly, aiming for a total of 3.8 Exahash (EH/s) by the end of 2021, amid rising bitcoin prices, which recently exceeded $41,000.