Riot Blockchain (RIOT)

Apr 12, 2021Trade Ideas

With Bitcoin back above $60,000, cryptocurrency miners, like Riot Blockchain (RIOT) are pushing higher. The best part – the momentum is only growing stronger by the day.

Since November for example, RIOT ran from a low of $3.33 to $55.34. From here, we believe it could race well above $70 again. In addition, Riot produced 187 BTC, an increase of 80% over its pre-halving March 2020 production of 104 BTC. In Q1 2021, the Company produced 491 BTC, an increase of 75% over its pre-halving Q1 2020 production of 281 BTC. Also, as of March 31, 2021, Riot holds over 1,565 BTC on its balance sheet, all of which was produced by its mining operations, according to a recent company press release.

Even better, the company achieved profitability during the 2020 fourth quarter, with $3.9 million in net income on a GAAP basis, as compared to a $(3.4) million net loss during the 2019 fourth quarter and as compared to a $(1.7) million loss for the third quarter of 2020.

With $100,000 Bitcoin price projections, it may be a good idea to take a position in a miner, like RIOT. Investors can buy the stock, and, or buy to open the RIOT May 21, 2021 50 calls.

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