BTC - Down 58% From Its High Could Riot Platforms Stock Get Help From the Bitcoin Halving?
2024-04-18 04:54:00 ET
Bitcoin (CRYPTO: BTC) has been enjoying a strong year, with the digital currency hitting all-time highs in 2024. But that bullishness hasn't been paying off for crypto mining stock Riot Platforms (NASDAQ: RIOT) , whose shares are down 45% since the start of the year. Now nowhere near its 52-week high of $20.65, the excitement around the stock appears to be fading.
But could the upcoming Bitcoin halving event help rally the crypto stock? While it will reduce the rewards for Bitcoin mining companies, the net effect could be a positive one for Riot Platforms.
In a Bitcoin halving event, mining companies will see the rewards they receive get cut in half. That's bad news for Riot Platforms because instead of receiving 6.25 bitcoins per block (the current rate), miners will only receive 3.125. The next Bitcoin halving event is expected to take place around April 19.
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Down 58% From Its High, Could Riot Platforms Stock Get Help From the Bitcoin Halving?