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As bitcoin continues to rise to record highs, bitcoin mining companies are riding its trends.
Shares of publicly traded bitcoin mining company Riot Blockchain were up 50% this week, trading hands just under $ 6.00 at the end of the week. Bitcoin gained nearly 17% over the same period.
Riot’s stock surged even more in the early hours of Friday, reaching $ 6.60, a level not seen since early September 2018.
CoinDesk reported that the Castle Rock, Colo. It recorded its lowest loss per share in the third quarter since the company fully rolled out its cryptocurrency mining infrastructure over two years ago.
Public mining companies like Riot emphasizing their bitcoin reserves have seen strong positive reactions from the market, said Ethan Vera, co-founder of Seattle-based mining company Luxor Technology. “Companies that liquidate for legal tender every day have not seen such strong gains,” he said.
The company plans to continue expanding its already fast-growing mining capacity through 2021 and beyond, reporting a 450% increase in hash power for Q3 compared to the same period in 2019, reaching 556 petahash per second (PH / s).
“With the current market momentum, many of the mining companies that have never broken a profit are likely to report positive EBITDA in 2021,” Vera said.
