Riot Platforms Ord Shs Stock Price, News & Analysis

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.

Riot Blockchain announces the addition of Mason Jappa, CEO of Blockware Solutions, to its Advisory Board. Jappa brings extensive experience in cryptocurrency mining, having co-founded Blockware, which is known for its significant operations in the sector. His focus will be on identifying growth opportunities for Riot, enhancing operations, and expanding the company's U.S. footprint in Bitcoin mining. The Advisory Board, formed in 2019, comprises industry leaders aimed at refining Riot’s strategic mission and increasing shareholder value.

Riot Blockchain announces a significant purchase of 15,000 next-generation Antminers from Bitmain, enhancing its bitcoin mining capacity by approximately 65%. This $35 million investment includes 3,000 S19 Pro and 12,000 S19j Pro units, increasing their estimated capacity from 2.3 EH/s to 3.8 EH/s. The delivery is set for May to October 2021, and Riot will operate with an aggregate efficiency of approximately 31.79 J/TH. The company, devoid of long-term debt, continues to assess growth opportunities to enhance shareholder value.

On November 17, 2020, Riot Blockchain (NASDAQ: RIOT) announced the appointment of Hubert Marleau to its Board of Directors. Marleau, a seasoned capital markets professional, brings over 50 years of experience, having served as Chief Economist at Palos Management and held significant roles at various stock exchanges in Canada. His expertise spans macroeconomic policy, corporate governance, and financial analysis. Riot specializes in cryptocurrency mining, primarily focused on Bitcoin, and is headquartered in Castle Rock, Colorado.

On November 17, 2020, Riot Blockchain announced the resignation of Remo Mancini from its Board of Directors, effective immediately. Mancini expressed gratitude for his time with the company, wishing the new leadership well. The company acknowledged his contributions and clarified that his resignation was not due to any disagreements regarding operations or policies. Riot Blockchain focuses on cryptocurrency mining, primarily bitcoin, and also invests in blockchain technology companies.