Why Riot Platforms Stock Surged 28% Last Month
Shares of cryptocurrency infrastructure company Riot Platforms (NASDAQ: RIOT) rose 28.3% in November, according to data provided by S&P Global Market Intelligence. The price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), was up nearly 10% for the month, stoking optimism among the investor community. But Riot provided two financial updates during the month that excited the market, as well.
Riot Platforms' October update was released on Nov. 7. In October, the company produced 458 Bitcoins with its cryptocurrency mining operations, which was down 10% from October of last year. This is surprising because Riot increased its mining power (measured with something called a hash rate) by 71% during this same time period.
The same day, Riot Platforms gave its financial report for the third quarter of 2023, which showed the same basic thing. The company hit a record high hash rate in Q3 of 10.9 exa-hashes per second (EH/s), an increase of 95% year over year. But Bitcoin production was up only 6%.
Source Fool.com
