Bitcoin mining stocks: Frustration or fortune for investors?

Shares in Riot Blockchain, one of the world’s largest publicly listed Bitcoin mining companies, surged around five percent higher this week after the release of its quarterly results.

The Nasdaq listed company (NASDAQ:RIOT) mined 316 Bitcoins, 143 Bitcoin Cash and 870 Litecoins during Q2, 2019 – generating around US$2.4m in revenue.

Riot recorded a smaller-than-anticipated net loss of US$1.3m for the quarter which analysts believe resulted in the share price rise.

However, Riot’s mining revenue was still down on the corresponding period in 2018 and its share price remains around 90 percent lower than its eye-watering highs of 2017, when the company suddenly shifted its focus from biotechnology to blockchain.

Increasing Bitcoin mining capability and exchange development

In the quarterly report, Riot revealed it has been taking advantage of Bitcoin mining technology ‘fire sales’ as small players exit the industry.

The company recently acquired 200 Bitmain S9 and 30 Bitmain L3 miners, costing around US$100,000.

“We plan to continue to look to enhance our mining operations through opportunistic value acquisitions,” the company said. Read More at Micky .com

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