Riot Reveals 252% Higher Bitcoins Production in January; Shares Pop 12%

Riot Blockchain, Inc. (NASDAQ: RIOT) revealed that it produced 458 Bitcoins in January 2022, up 252% year-over-year. The company is focused on building, supporting, and operating blockchain technologies. 

Shares of the company rallied 12% on Friday and a further 4% in the extended trading session to close at $17.24. The shares rose 4.5% at the time of writing as well.

The company informed that it held 5,347 Bitcoins as of January 31, 2022, all of which were produced by Riot’s self-mining operations. It currently has a deployed fleet of 32,552 miners and a hash rate capacity of 3.4 exahash per second (“EH/s”).

Further, Riot informed that it deployed about 3,000 S19j Pros, with 7,924 additional miners staged for deployment. Also, 5,768 S19j Pros have been shipped from Bitmain and are likely to be received this month.

By the fourth quarter of 2022, the company expects a self-mining hash rate capacity of 12.8 EH/s. Upon full deployment of all currently contracted miners, Riot’s total self-mining fleet will consume about 370 MW of energy.

CEO’s Comments

Riot CEO Jason Les, said, “Riot is well-positioned for continued growth and production in 2022. We are pleased to share that miner deployments in one of our immersion-cooled buildings are now fully underway… We expect to see increases in our hash rate capacity as we continue to execute on deployments in the newly completed Building F and the soon to be completed, Building G.”

“Additionally, we have been closely monitoring the current weather conditions in Texas and the potential impact they may have on the supply and demand of energy in the ERCOT grid. As the largest Bitcoin miner by developed capacity in Texas, Riot is currently curtailing its Bitcoin mining operations at the Whinstone Facility,” he added.

Riot Earnings

The company’s EPS for the fourth quarter of 2021 is estimated to reach $0.38. Riot earnings release date is expected to be March 30, 2022. The company’s performance in the past few quarters has been very volatile.

Overall, the analysts are optimistic about the stock with a Strong Buy consensus rating based on 6 unanimous Buys.

News Sentiment

News Sentiment for FedEx is Neutral based on 23 articles over the past seven days. Half of the articles have Bullish sentiment, compared to a sector average of 62%, and the remaining have Bearish Sentiment, compared to a sector average of 38%.

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