What Are The Operational Highlights And 2020 Strategic Priorities?


Riot Blockchain Inc., (NASDAQ: RIOT at https://www.webull.com/quote/nasdaq-riot ) is focused on developing exposure to the blockchain ecosystem. This cryptocurrency mining operations are internally developed businesses, joint ventures, and targeted investments in the sector. This company is primarily focusing on Bitcoin and general blockchain technology. The Company has deployed approximately 8,000 application-specific integrated circuits (ASIC) miners at its cryptocurrency mining facility in Oklahoma. This company subsidiary TESS Inc., seeks to develop a blockchain-based escrow service for wholesale telecom carriers. It is holding a 13% interest in Coinsquare Ltd, which is a digital currency exchange in Canada. It is also holding investments in Verady, LLC, which is providing cryptocurrency accounting and audit technology services.

Operational Highlights in 2019

  • Invested in 4,000 Bitmain S17 Pro Antminers at the Company’s Oklahoma City mining facility, which when deployed in early 2020 resulted in an increase in Riot’s fully owned hashing power capacity to approximately 248 Petahash.
  • Received notice of the termination of the SEC’s investigation of Riot on January 29, 2020;
  • Produced 944 newly minted bitcoins (BTC) during 2019 and increased bitcoin inventory 206% year-over-year to 514 BTC on December 31, 2019.
  • Established an industry-leading advisory board comprised of recognized leaders with proven operational and strategic experience throughout the cryptocurrency space.
  • Improved December 31, 2019 working capital to $9.3 million from a deficit of $(4.3) million as of December 31, 2018, and decreased total liabilities to $4.1 million from $9.4 million during the same period; and
  • Increased total stockholders’ equity to $26.2 million on December 31, 2019, compared to $4.5 million balance at December 31, 2018, approximately a $22 million increase over the prior period.

2020 Strategic Priorities

  • As announced in a  RIOT or Nasdaq coup stock news at https://www.webull.com/quote/nasdaq-coup releaseissued on February 20, 2020, Riot has concentrated its strategic priorities by focusing on bitcoin mining and pursuing opportunities more directly related to bitcoin and bitcoin mining.
  • In line with that mission, the Company has upgraded its mining facility in Oklahoma Cityand engaged XMS Capital Partners to advise on potential strategic opportunities.
  • In response to the rapidly expanding and evolving effects of COVID-19, Riot Blockchain is actively monitoring COVID-19 developments, including local, regional and global regulatory and health updates.
  • Temporary policies have been adopted covering travel restrictions, remote work solutions where feasible, etc.  The Company is dedicated to the safety and well-being of its team members and business partners.
  • The Company is reviewing and developing protocols to navigate and manage its key operations by evaluating potential future steps and plans to consider potential implications to its workforce, operations, finance, and liquidity.
Leave A Reply