Bitcoin’s Back in a Big Way
Everyone has the crazy uncle who bought cryptocurrencies and claimed “blockchain is the future” back in 2018. While this may not have been on your mind as of late, crypto is back in a big way. Yesterday, Bitcoin hit an all time high. As a result, publicly traded companies which interface in cryptocurrency and blockchain are rising. Shares of crypto mining and investment company Riot Blockchain are up over 620% this year. $RIOT invests in crypto-related projects and maintains a Bitcoin mining operation in New York with over 6,040 Bitcoin miners. The company expects to more than double the number of miners in their facility in the first four months of 2021. Shares of Bitcoin mining company Marathon Patent Group have risen over 480% YTD. The company owns a data center with over 21,500 Bitcoin miners at a facility in North Dakota. As of May this year, $MARA’s facility was capable of generating 900 BTC per day, which would be worth over $16 million per day at the current price. MicroStrategy, a business-intelligence company covered in the Rippers earlier this year, shifted over 90% of their cash reserves into Bitcoin. The $425 million purchase made Bitcoin the largest reserve currency of $MSTR by far. The company attracted a lot of investor attention because of the purchase, prompting a 175% rise since the purchase.
Riot Blockchain focuses on cryptocurrency mining of bitcoin. The Company is expanding and upgrading its mining operations by securing the most energy efficient miners currently available. Riot also holds certain non-controlling investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colorado, and the Company's primary mining facility operates out of upstate New York, under a co-location hosting agreement with Coinmint.