BITF - Riot Platforms: A Summer Of Hostility And Energy Credits?
2024-06-07 07:54:08 ET
Summary
- Riot Platforms has underperformed compared to other Bitcoin mining peers, down 12% over the last year.
- Riot Platforms has made a bid to takeover smaller mining peer Bitfarms. Following rejection, RIOT has begun a hostile takeover attempt by acquiring 12% of BITF.
- Given the recent block reward halving, I suspect Riot Platforms will benefit from power credit optionality. This is not an advantage shared by peers.
One of the Bitcoin ( BTC-USD ) miners that has lagged the peer group year to date and over the last 12 months is Riot Platforms ( RIOT ). Down 12% over the last year while other mining peers have doubled and in some cases even quadrupled, RIOT has been a disappointing ticker for mining stockholders at down almost 10%: