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Why Shares of Riot Blockchain Are Rising Today

TheMotleyFool

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Why Shares of Riot Blockchain Are Rising Today: https://g.foolcdn.com/editorial/images/699982/generic-upward-stock-move-green-getty.jpg

Shares of Bitcoin miner Riot Blockchain (NASDAQ: RIOT) traded roughly 11.5% higher as of 2:05 p.m. ET today for no obvious reason, although the broader crypto market is largely in the green today.

The price of Bitcoin traded roughly 1.3% higher as of this writing, and considering Riot is in the business of mining Bitcoin, the stock definitely trades with a good amount of correlation to the world's largest cryptocurrency.

Earlier this week, Riot provided an update on its operations and said that it had mined 374 Bitcoins in August, which is a decline of 15% from August of 2021. Still, that's up from July when Riot only mined 318 Bitcoin tokens.

Source Fool.com

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