The acceptance of cryptocurrencies as a true asset class has made enormous strides forward in recent years morphing from an investment held predominantly by young aggressive individuals into a movement altering the future financial landscape. As the adoption of cryptocurrencies increases by the day, one of the spaces drawing the attention of investors is that of crypto miners.
Riot Blockchain Inc. (RIOT), formerly Bioptix Inc., is one of the leading publicly traded Bitcoin mining companies in the United States having deployed over 8,000 application-specific integrated circuit miners at its Oklahoma facility to date and represents a terrific yet volatile investment opportunity. Riot also holds a 13% stake in Coinsquare Ltd, a digital currency exchange in Canada and is invested in Verady LLC, a provider of crypto accounting and audit technology services. Riot also seeks to develop a blockchain-based escrow service for wholesale telecom carriers.
In October alone, Riot mined 464 Bitcoins, an increase of over 400% from the same time period a year ago. Year-to-date, Riot has mined 2,921 Bitcoins representing a leap of 257% over the 818 Bitcoin mined from January through October of 2020. Clearly Riot has been expanding at a rapid rate which is also visible in their quarterly earning reports and all eyes will be watching as they release their third quarter results this afternoon.
Riot blew expectations out of the water when they delivered second quarter results that included revenues of $31.5 million, a jump of 1,540% from the same quarter in the year prior and their earnings grew from a loss of $0.31 to $0.22 in that same time frame. With their continuing improving margins, growing profitability, and rapidly expanding industry, Riot Blockchain should be on every investors watch list as earnings season moves forward.
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