Riot Platforms Sees 9% Decrease in Bitcoin Production in December 2023
January 5, 2024
🌧️Trending News
Riot Platforms ($NASDAQ:RIOT), a leading digital asset trading platform, saw a nine percent decrease in the production of Bitcoins during the month of December 2023. With one of the most comprehensive offerings of digital assets available, Riot Platforms has become an industry leader in digital asset trading. This decrease is indicative of the growing trend of the crypto market slowing down after a period of exponential growth. As the company continues to develop new products and services to help facilitate the trading of digital assets, its position as a leader in this rapidly growing market is only further cemented. The nine percent decrease in Bitcoin production is likely due to a combination of market forces and uncertainty in the crypto markets. As crypto trading becomes more mainstream, more traders are entering the market cautiously, which could lead to decreased production.
Additionally, as the markets become more saturated, investors may hesitate to invest in digital assets due to their high volatility. As Riot Platforms continues to innovate and develop new products and services, its position as an industry leader is only further cemented. Despite a nine percent decrease in Bitcoin production in December 2023, Riot Platforms remains well-positioned to continue providing high-quality services to its customers in the coming years.
Analysis
At GoodWhale, we have conducted an analysis of RIOT PLATFORMS‘ financials. Our Star Chart shows that RIOT PLATFORMS has an intermediate health score of 5/10 considering its cashflows and debt. This indicates that the company is likely to be able to pay off its debt and fund future operations. We also find that RIOT PLATFORMS is strong in asset, growth, and medium in profitability, but weak in dividend. We classify it as ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. Given this information, we expect that potential investors interested in RIOT PLATFORMS may be looking for a more moderate return on their investment. Investors who are looking for a higher return should look elsewhere. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Riot Platforms. More…
| Total Revenues | Net Income | Net Margin |
| 262.01 | -288.84 | -88.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Riot Platforms. More…
| Operations | Investing | Financing |
| -10.46 | -257.85 | 303.67 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Riot Platforms. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.46k | 114.68 | 6.75 |
Key Ratios Snapshot
Some of the financial key ratios for Riot Platforms are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 220.1% | – | 38.6% |
| FCF Margin | ROE | ROA |
| -105.9% | 4.9% | 4.3% |
Peers
Riot Blockchain Inc is a bitcoin mining company and cryptocurrency exchange. The company’s headquarters are in Castle Rock, Colorado. The company was founded in 2000 as a biotech company. In 2013, the company began to focus on bitcoin mining and blockchain technology. The company is one of the largest bitcoin miners in North America. The company’s main competitors are Coinbase Global Inc, MicroStrategy Inc, Bakkt Holdings Inc.
– Coinbase Global Inc ($NASDAQ:COIN)
Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Ethereum, Litecoin and other digital assets with fiat currencies in 32 countries, and bitcoin transactions and storage in 190 countries worldwide. As of May 2018, they had a US$1.6 billion valuation.
– MicroStrategy Inc ($NASDAQ:MSTR)
MicroStrategy Inc is a provider of enterprise software platforms. The company’s flagship product is its enterprise intelligence platform, which enables customers to analyze data and make better business decisions. MicroStrategy also offers a number of other products and services, including cloud-based solutions, mobile apps, and business consulting services.
– Bakkt Holdings Inc ($NYSE:BKKT)
Bakkt Holdings Inc is a company that provides digital asset custody and other related services. As of 2022, its market capitalization is 161.3 million dollars and its ROE is -26.03%. The company has a strong focus on security and compliance, and its products are used by major financial institutions around the world.
Summary
Riot Platforms is a leading cryptocurrency mining company, producing a range of digital assets. Analysts believe this could be attributed to the company’s focus on refining their mining processes and increasing efficiency. Investors should be aware that the long-term outlook for Riot Platforms is uncertain, as the cryptocurrency market is subject to rapid change and unpredictable events. Therefore, carefully researching the company and its operations before committing funds is essential for any potential investor.
Additionally, it is important to understand the risks and rewards associated with this type of investment, as any major shift in the markets can quickly affect the profitability of Riot Platforms. With the right strategy, however, investors can use Riot Platforms as an attractive opportunity to gain high returns.
