Why Riot Blockchain Stock Surged 75% Higher in July
Shares of cryptocurrency mining company Riot Blockchain (NASDAQ: RIOT) surged 74.7% higher in July, according to data provided by S&P Global Market Intelligence. Its market outperformance was due to the recovering price of Bitcoin (CRYPTO: BTC), which was up nearly 18% during the month. Riot Blockchain did give a business update early in the month and has already released its report for July. Both reports are worth looking at here.
On July 6, Riot Blockchain provided a business update for June operations. And on Aug. 3, the company did the same for July operations. When it comes to mining Bitcoin, the results for these two months couldn't have been more different. In June, it mined 421 Bitcoins, up 73% compared to June 2021. But in July, it mined just 318 Bitcoins, a 28% year-over-year decrease.
June's Bitcoin production was dramatically higher because Riot Blockchain has far more mining machines now than it did back in 2021. However, these machines were turned off for a good bit of July, leading to the drop in production.
Source Fool.com
