Cryptocurrency is a volatile market, which makes it an ideal landscape for new startups to branch out and work with investors. As all cryptocurrency operates on the blockchain, each virtual coin must be mined. Thus, stock mining is now a developing field. Riot Blockchain is one of the companies in this field that’s making a name for itself.
Blockchain is a relatively new concept, so the field is still evolving daily. However, this newness adds excitement for investors, especially as Bitcoin has been surging higher and higher over the past few months. In fact, Bitcoin’s value recently surpassed $1 trillion, as the price of investment continues to rise.
To properly mine these coins, Riot Blockchain uses the proof-of-power (PoW) method, where the miners solve the puzzles and receive bitcoin as a reward. It adds a competitive edge to the mining process and a new approach to investing in crypto assets.
Riot Blockchain has big plans for the future. With its current trajectory, widespread investment seems likely.
The Latest Growth
Investors have taken a recent interest in Riot Blockchain because of its astonishing growth in such a short period of time. Much of this growth comes from Bitcoin’s success in the latter half of 2020 and thus far in 2021. As Bitcoin continues to surge in value, with plenty of backing investors and users, so do the mining companies.
Alongside industry growth, much of the new excitement comes from Riot Blockchain’s recent press release. It discusses the new technologies and mining speeds that the company has achieved and plans to work towards in the near future.
Primarily, the news detailed how Riot plans to have 37,642 Antminer machines by October of this year. It currently has over 11,000 machines in use. These tools have the power to drastically increase how much bitcoin Riot mines on a daily basis. In addition, the press release also will exceed one Exahash per second as they acquire more Antminers.
With more mining power and speed, Riot can then boost its performance and stand out amongst other mining platforms — more so than it already has. The company’s value skyrocketed amid Bitcoin growth last year and is now worth over $1 billion in value. If this kind of growth continues — which seems likely based on the company’s promising commitments — its stock becomes more and more appealing to investors.
A Time to Potentially Invest
Similar to using and investing in cryptocurrencies themselves, you’ll find the mining stocks just as complex. Investing in such a volatile market comes with pros and cons — investors choose to avoid or partake based on their own financial standing.
The volatility of the market causes risks for investing, which turns some people away from cryptocurrency. Though Bitcoin is still surging, it could just as easily regress, thus losing investor money. With this downfall, a bitcoin mining company like Riot Blockchain would also regress.
However, based on the success of Riot Blockchain, investing now bodes well for the future. In addition, more retailers are accepting crypto assets as payment, which makes investing much more accessible and practical. Tesla, for instance, purchased a whopping $1.5 billion worth of bitcoin last month. Alongside this purchase, the company plans to accept bitcoin as a consumer payment method.
More adoption of blockchain assets means mining companies then benefit. With Riot, the new tech and Exahash rates are the main reasons to invest before the company fully takes off. While the share price is still relatively low, investors can get ahead today. Once Riot Blockchain fully integrates its Antminer tools, it will be able to mine more bitcoin faster.
The Road from Here
Riot Blockchain’s current standing is promising. It brings investors one step closer to normalizing cryptocurrency mining and usage as viable, practical stocks. As an investor, now is a turning point. If more people flock to Riot, then it’s safe to say that it could become one of the biggest stocks in the market at some point this year.
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