Why Bitcoin-Related Stock Riot Platforms Hit A New 52-Week High Today
Portfolio Pulse from Henry Khederian
Riot Platforms Inc (NASDAQ:RIOT) shares hit a new 52-week high, trading higher by 8.42% to $14.68 after the company announced June 2023 production and operations updates. The company's CEO highlighted the success of their mining operations, power strategy, and growth plans. Riot announced a substantial order of MicroBT miners for the Corsicana Facility, which will boost their self-mining fleet. The company mined 460 Bitcoin and earned $8.4 million in power sales and $1.6 million in demand response revenue.
July 07, 2023 | 2:08 pm
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Riot Platforms Inc's shares hit a new 52-week high after the company announced positive updates on its mining operations, power strategy, and growth plans. The company's substantial order of MicroBT miners and successful mining operations are expected to boost its self-mining fleet and revenues.
The company's shares are trading higher due to the positive updates on its mining operations, power strategy, and growth plans. The substantial order of MicroBT miners is expected to significantly boost their self-mining fleet and secure favorable pricing for future generations of miners. This, along with the successful mining of 460 Bitcoin and earning $8.4 million in power sales and $1.6 million in demand response revenue, is expected to have a positive impact on the company's revenues and, consequently, its stock price.
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