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      Improved Production; Riot Blockchain Inc. (RIOT) still Continues to Fall Premarket. Why? - Stocks Telegraph

      By Gule Rukhsar

      Published on

      December 6, 2021

      12:01 PM UTC

      Improved Production; Riot Blockchain Inc. (RIOT) still Continues to Fall Premarket. Why? - Stocks Telegraph

      Riot Blockchain Inc. (RIOT) slides a further 9.22% in the premarket at last check, even though the company provided improved monthly production updates. The stock went down to $26.00 in the premarket against its last close at $28.64 on Friday. In Friday’s session, the stock plunged down by 13.13% at a volume of 24.2 million shares.

      The cryptocurrency miner Riot Blockchain Inc. (RIOT) has a current market capitalization of $3.34 billion with 115.94 million outstanding shares.

      What is Happening with RIOT stock?

      RIOT stock has mostly been trading in the red for a while now. The stock has lost 23.36% in the past five trading sessions alone. While it went down by 21.94% last month, the previous three month’s loss of the stock is 16.82%. Compared to this, the stock has actually gained 68.58% year to date. This downtrend in the stock against its previous gains is mostly because of the market conditions.

      Cryptocurrencies are in a decline, with Bitcoin, Ethereum, and Dogecoin all in a downfall. Bitcoin fell about 16% over the past week alone. All the three cryptocurrencies were going down early morning today as well. This fall in the crypto market can be subjected to the fears caused by the Omicron variant along with tighter monetary policies of the Federal Reserve. The hiking inflation throughout the world is one more big driving factor in the crypto market.

      Monthly Updates

      On December 02, Riot Blockchain Inc. (RIOT) announced its monthly production and operations updates for November 2021. According to the report, the company produced 466 BTC in November 2021, which shows an increase of 298% from 117 BTC in November 2020.

      Moreover, the company has produced 4,464 BTC as of November 30, 2021, through its self-mining operations.

      Currently, RIOT has 29,095 miners approximately, with a 3.0 exahash per second hash rate.

      Financial Status

      On November 15, RIOT announced its financial results for the quarter ended September 30, 2021. As per Q3 of 2021, the total revenue was $64.8 million against $2.5 million in the year-ago quarter. This shows a gigantic increase of 2,532% year-over-year.

      Furthermore, Q3 2021, incurred a net loss of $15.3 million, compared to $1.7 million in the third quarter of 2020. Consequently, the net loss per basic and diluted share was $0.16 in the third quarter of 2021. This compares to a net loss per share of $0.04 in the third quarter of 2020.

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