Shares of Riot Blockchain (NASDAQ: RIOT) popped as much as 26.3% this week, according to data from S&P Global Market Intelligence. The cryptocurrency miner gave an update on its operations for December and announced a surprise name change. As of 3:30 PM EST on Thursday, Jan. 5, the stock is up 23.3% this week.

On Jan. 4, Riot Blockchain gave an update on its operations for the month of December. The Bitcoin miner produced 659 coins for the month, up 55% year over year, and sold 600 Bitcoin for a total price of $10.2 million.

The impressive growth numbers may have gotten investors optimistic about the company, as shares of the stock soared on the day of the news. However, just because the company is mining more Bitcoin doesn't mean it is making money. Last quarter, the company posted an operating loss of $40 million and has lost $354 million through the first nine months of this year. Unless the price of Bitcoin rises -- and fast -- Riot Blockchain will lose a lot of money.

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Source Fool.com