What is Riot Blockchain? Is RIOT stock a buy now? Week 20 of 52 of Stock Roulette
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1️⃣ Buy only growth stocks, think future.
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4️⃣ Invest around $50 a week in stocks or SPACs
🟡🟡 Top 10 this week 🟡🟡
1️⃣ IDEX
2️⃣ LI
3️⃣ NVTA
4️⃣ NNOX
5️⃣ ARVL
6️⃣ RIOT
7️⃣ CTRM
8️⃣ AQB
9️⃣ EDIT
🔟 FCEL
This weeks pick is Riot Blockchain Inc, ticker RIOT. Riot Blockchain intends to gain exposure to the blockchain ecosystem through its cryptocurrency mining operations, internally developed businesses, and joint ventures. Its primary focus is on Bitcoin and general blockchain technology. To put it simply, riot is the leader in bitcoin mining since 2017. Bitcoin mining is the process of repeatedly guessing inputs into an algorithm until the desired output is observed. Miners compete to get this output, which results in a reward. Bitcoin mining has evolved from early adopters on their laptops, to hobbyists in their basements, to large-scale industrial operations owned and operated by publicly traded companies. Riot’s Bitcoin mining hash rate is rapidly growth and expected to reach 5/EHs by the end of 2021. Hashrate refers to the total combined computational power that is being used to mine and process transactions on a Proof-of-Work blockchain, such as Bitcoin. Riot’s mining fleet moved to a facility in Massena, NY in mid-2020. This was a former Alcoa smelting operation with 435 megawatts in total capacity, of which only 50 is utilized by Riot. A big reason I added riot to my list finally is because they have calmed down quite a bit on the cost per shares in recent weeks. This stock has had some wild swings within the last year starting with as low as 1.93 and reaching a whopping 79.50 back in feb and settled back down to mid to upper 20s recently. The reason for much of the bitcoin sell off is the talks of it costing so much energy to mine. But the cool thing about riot that many don’t know is that 88% of electricity generated in their new facility is from zero emission sources giving them a Low carbon footprint, low-cost energy and lower average daily temperature as compared to others, supporting miner longevity and profitability. Riot has the texas pilot project where riot is continuously exploring new mining technology to maintain a leading position within the industry utilizing up to 8 megawatts to assess the potential for higher productivity and lower cost mining opportunities. Moving on, In April 2021, Riot announced the acquisition of Whinstone, a facility that is the largest single Bitcoin mining facility in North America, with 300 megawatt in developed capacity, and is expandable to 750 megawatts. So if you are bullish on bitcoin, riot should be a no brainer as its the Largest publicly-traded Bitcoin mining & hosting company with the largest mining facilities and power costs amongst the lowest in the industry. Taking a look at analyst, there arent too many covering this unqiue stock with only one rating that is a buy and an average price rating of 64 a share. Their debt is going down and their revenue is going up so they are heading into the right direction and if you believe bitcoin prices will continue to rise longer term like me, then this is a great company to look into investing in
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