Riot Blockchain, Inc. (RIOT) stock prices were down by a marginal 1.93% as of the market closing on June 11th, 2021, bringing the price per share down to USD$31.03. Subsequent pre-market fluctuations have seen the stock rise by 6.99%, bringing it up to USD$33.20.
May 2021 BTC Production Report
RIOT reported having produced a total of 227 BTC in May 2021, representing a 220% increase over the 71 BTC reported having been produced in May of the prior fiscal year. Year-to-date production numbers through to May of 2021 were reported at 924 BTC, up almost 101% over the company’s pre-halving BTC production during the same period over the course of fiscal 2020, which reported 460 BTC being produced. As of May 31st, 2021, the company reported having a total of almost 2,000 BTC, the entirety of which was produced by the company’s own mining operations.
Acquisition of Whinstone
May 26th, 2021 saw the company announce the completion of its acquisition of Whinstone U.S., including their Rockdale facility, which is the largest Bitcoin mining facility in North America. The facility comes in at 300 MW in developed capacity. RIOT announced its intent to facilitate the immediate development of additional capacity at the Whinstone facility, in order to raise the cap to 750 MW. An industry-leading development team of more than 10 employees will spearhead the expansion.
Bitmain Purchase Order
May 2021 saw the shipment of 1000 S19 Pro Antminers (110 TH) as part of a purchase order with Bitmain in December 2020. The installation of the miners is expected to be completed in Q2 2021, with RIOT reporting a total of 23,946 Antminer’s in operation. This array of miners uses roughly 76 megawatts of energy, with an estimated hash rate capacity of 2.4 exahash per second.
Agreement with Mogo Inc
The company recently announced the completion of purchase transactions with Mogo Inc, which saw Mogo acquire a cumulative entirety of the 3.4 million common shares of CoinSquare Ltd stock held by RIOT. In return, RIOT was granted a total consideration of 3.2 million shares of Mogo’s common stock, in addition to roughly USD$1.8 million in cash. As of this agreement, RIOT no longer owns any equity investment in Coinsquare.
Future Outlook for RIOT
Armed with the stellar reports and developments over the month of May 2021, RIOT is poised to continue its trajectory of success over the upcoming few months. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.
