The Crypto Times
Image default
Blockchain Industry News

Riot Blockchain Shares Soars and Cryptocurrencies Outlook Improves

As of April 15, 2019, Riot shares climbed up to 33%, from $3.54 per share to $4.71. The rise was due to the fact that Riot filed its outcome after being late in line with the SEC requirements. Another aspect is the recent spike in the amounts of cryptocurrencies at the start of April, led by bitcoin.

Based in Castle Rock, Colorado, Riot Blockchain Ltd made most of its revenue by mining bitcoin, bitcoin cash, and Litecoin through the 8,000 mining resources in Oklahoma. According to the reported 10-K released in 2018, profits amounted to $7.8 million, which represents an increase of 2,809%. There was also a net loss of  58 million dollars, which mostly attributed to non-cash expenditures like stock-based compensation and impairments that amounts to 45.2 million dollars.

The said impairments were inclined by the vast decline in the prices of cryptocurrencies. Investors may reflect that even with the net loss, there is still a 25% gross margin, without long-term debt. It’s important that investors, despite RIOT’s revenue growth in 2018, should not expect that it will have the same result in 2019. As a matter of fact, if cryptocurrency prices continue to increase in the first quarter, the full year income could almost be the same as 2018 .

It is also predicted that if RIOT doesn’t add more revenue streams or increase its mining volume, the stocks may fall, despite the increasing prices in cryptocurrencies.

Related posts

Premier League Club Manchester City Announces Partnership with Blockchain Gaming Startup

Viena Abdon

Binance Launches New Exchange in Singapore But Only Offers One Trading Pair

Viena Abdon

Binance Fires Back at Reports of Police Raid, Says They Don’t Have Offices in China

Viena Abdon

Treasury Secretary Mnuchin Echoes Trump’s Views on Crypto and Importance of Compliance

Viena Abdon

Bitcoin Nears $8,000 Anew as Top Cryptocurrencies Show Robust Gains

Viena Abdon

Hurun List Features 5 Cryptocurrency Billionaires

Viena Abdon