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Riot Blockchain One of The Best Ways to Gain Bitcoin Exposure Says Cantor -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Riot Blockchain Inc (NASDAQ:) was started with a buy at Cantor Fitzgerald on Tuesday, resulting in a 3% gain in its share price.

Analyst Mike Colonnese — who also put a $45 price target on the stock — explained that RIOT is one of the best ways for investors to gain exposure to without directly owning the digital asset because the company holds most of its Bitcoin on its balance sheet.

“Riot Blockchain, one of North America’s largest and most vertically integrated cryptocurrency mining firms with 350MW of advanced technology. Bitcoin (BTC) mining capacity and a deployed fleet of nearly 30,000 Bitcoin miners producing an aggregate hash rate of 3 exahash per second (EH/s),” said Colonnese.

He said that RIOT currently has the ability to mine 16-17 Bitcoin per hour on average. This equates with $825,000 daily in Bitcoin mining revenue (assuming a BTC value of $50,000).

Cantor is convinced that RIOT will continue to be a major player in Bitcoin’s mining sector in 2022. It plans to increase its mining power to 750 MW in the second quarter, and to triple its hash rate to 9 EH/s before the year ends.

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