What's Going On With Bitcoin Miner Riot Platforms Wednesday?
Portfolio Pulse from Adam Eckert
Riot Platforms Inc (NASDAQ:RIOT), a Bitcoin mining company, reported a 21% increase in Bitcoin production in November compared to October, and a 6% increase year-over-year, producing 552 Bitcoin. The company sold 540 Bitcoin and holds 7,358 Bitcoins. Despite a 9% increase in network difficulty, Riot's production was aided by the return of hash rate in Building G at the Rockdale Facility and reduced curtailment activity. Riot has a long-term purchase agreement with MicroBT, including an initial order of 33,280 miners and a second order for 66,650 miners, aiming to increase its self-mining capacity by 26 EH/s for a total of 38 EH/s by 2025. Riot shares were slightly up following the announcement.

December 06, 2023 | 3:08 pm
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POSITIVE IMPACT
Riot Platforms reported increased Bitcoin production and holds a significant amount of Bitcoin. The company's expansion plans with MicroBT are set to significantly increase mining capacity by 2025.
The positive production update and expansion plans are likely to be viewed favorably by investors, as they indicate growth and potential for increased revenue. The slight increase in stock price at the time of publication suggests a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100