The Rollercoaster That Is Riot Blockchain
Is it just me, or is Riot Blockchain the rollercoaster ride of the crypto world? One moment it’s soaring higher than a kite in a hurricane, and the next it’s plummeting like a stone. Just this past Thursday, shares of the crypto mining company took a 20.4% dive, closing at $62.03, after a parabolic rally that left many investors with whiplash.
Hash Rate Heroics and What It Means
The recent surge was largely attributed to Riot’s announcement about its anticipated hash rate capacity, which it projected to hit an impressive 1.06 exahash per second, thanks to the deployment of 2,002 S19 Pro Antminers. So, what does this mean in plain English? More hash power typically translates to better performance in the mining world, akin to upgrading your old clunker car to a shiny new Tesla. But hold onto your hats; the ride seems to have hit a few bumps.
Recent Performance: A Case Study in Gains and Losses
Despite the massive decrease, let’s take a moment to appreciate the dizzying heights RIOT reached. Just between February 10 and February 17, shares more than doubled, peaking just under $78 before Thursday’s pullback. If you’d bought stocks at the beginning of the month, you’d have laughed your way to the bank with a whopping 202% gain. But now, well, you might need to hold onto those bank statements a little tighter.
CEO Speaks: A Plans for More Growth
CEO Jason Les put on a brave face amidst the chaos, emphasizing that this recent accomplishment is just one of many steps towards Riot’s ambitious growth plan.
“We view it as the successful completion of just one of many steps,”
he mentioned after the hash rate announcement. The plan includes continuing to deploy next-gen miners from Bitmain and aiming to triple their current capacity by the fourth quarter of 2021. So, is this just a dramatic chapter in a longer story of success? Time will tell.
Looking Back: A Year of Unprecedented Growth
Let’s take a look at Riot’s journey. Back in November 2020, it was trading at merely $6, reflecting a 500% increase by then. Since the crypto world has a reputation for unpredictability, who knows where it might go next? The company has recently reinforced its leadership by appointing Hubert Marleau, an ex-director for the Toronto Stock Exchange, to its board, possibly aiming to stabilize its trajectory.
In summary, if you’re considering hopping on this thrilling ride that is Riot Blockchain, be sure to strap in because it looks like the market is an unpredictable beast.
