⛏️🔗 What is Riot and how is it related to #bitcoin ? Giant miner in the U.S.
Riot Platforms is one of the largest mining companies of $BTC ⛏️ in the United States, with data centers in Texas and thousands of ASICs in operation ⚙️.
Key points:
History: Founded in 2000 as Bioptix (biotechnology) 🧬, it changed to Riot Blockchain in 2017, focusing on the mining of #BTC after a controversial acquisition 🤨. In 2023, it was renamed Riot Platforms and began manufacturing electrical components 💡.
Leadership: The current CEO is Jason Les 🤵, a former professional poker player and Bitcoin enthusiast since 2013.
Operations: It is primarily engaged in large-scale Bitcoin mining 🏭, managing its own energy infrastructure through its subsidiary ESS Metron ⚡ and maintaining BTC reserves 💰.
Importance in the Bitcoin network: It significantly contributes to the global hash rate 📊 (over 12 EH/s in the first quarter of 2025) and to the geographical decentralization of mining, operating in the U.S. after the ban in China 🌍➡️.
Competition in the U.S.: Competes with other large public miners like Core Scientific, Bitfarms, Marathon, and CleanSpark 🥊, each with different strategies in infrastructure, efficiency, and diversification (some exploring AI 🤖).
Investing in RIOT: The stock (NASDAQ: RIOT) has an average rating of "strong buy" with potential for increase, but its price is volatile and linked to Bitcoin's 📈📉.
Profitability of mining: The cost of mining a Bitcoin for Riot increased to USD 43,808 in the first quarter of 2025 after the halving 💸, but they implement energy management strategies to mitigate costs 💡💰. Despite reporting net losses in that period, they maintain a strong financial position with significant BTC reserves 💪.
Are you surprised by the scale of Riot Platforms' mining operations? 🤔
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