Bitcoin Mining Company Riot Platforms Could See a 129% Increase
The Bitcoin mining company, Riot Platforms, is currently considered undervalued but has the potential to increase by 129%, according to analysts. As reported by Blockzeit DE in their article titled "Bitcoin-Mining-Unternehmen Riot Platforms ist unterbewertet, könnte aber laut Analysten um 129 % steigen," RIOT's stock saw a significant recovery within a month, reaching its peak at $8.91 before settling at $8.74 during market close on Monday.
This rebound coincided with Bitcoin's price surge past the $66,000 mark over the last 24 hours and was accompanied by an average trading volume of 17.05 million shares and a market capitalization of approximately $2.65 billion as per Google Finance data. Despite this monthly high for RIOT stocks, they remain more than 43% below their value from earlier in the year when they started at $15.41.
Analysts from Insider Monkey have highlighted that despite these fluctuations, Riot remains one of the most undervalued blockchain stocks available today due to its strategic expansion efforts in the Corsicana facility located in Navarro County, Texas, which aims to boost total power capacity from current levels towards achieving the full optimization target set out till end-2024 where hash rate will reach impressive heights, such as hitting around thirty-six exahashes per second (EH/s).
Riot Platform’s latest report indicates September performance showed overall output standing strong near twenty-eight point two EH/s while averaging nineteen-point-five daily production rates, resulting in an estimated four hundred twelve BTC mined, equating to roughly ten thousand four hundred twenty-seven bitcoins held in reserves valued at nearly six hundred ninety-three million dollars, given recent highs seen across cryptocurrency markets globally, including Bitcoin itself peaking above sixty-six-thousand-four-hundred-eighty-two US Dollars just today alone!
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