Riot Blockchain is making some significant movement today, and for a good reason. Up more than 20%, the company is riding the high from yesterday’s announcement regarding the Riot Blockchain Bitcoin Mining Pool.
Riot Blockchain Bitcoin Mining Pool: It’s Happening
On Monday, the Castle Rock, Colorado-based company kicked off the week with a bang, announcing the development of the Riot Blockchain Bitcoin Mining Pool.
— Riot Blockchain (@RiotBlockchain) July 23, 2018
For those who don’t know, a Bitcoin mining pool consists of a group of miners who work together. They pool together resources, which allow them to increase their odds of receiving block rewards.
As for Riot Blockchain, the company said it will be privately testing its own Bitcoin mining pool. The goal is to give an alternative to the industry, ultimately driving attention away from competitors like BTC.com.
The RIOT Stock (NASDAQ:RIOT)
The RIOT stock is soaring, 24 hours after the news of the Riot Blockchain Bitcoin Mining Pool hit the market.
At press time, the RIOT stock is trading at $8.25, which puts it up 25.19%. Still recognized as a small-cap company, Riot Blockchain has a market capitalization of $112.844 million.
After how the month started (Riot hit a new 52-week low every other day), it’s nice to see the company trading deep in the green zone.
The Market Reacts (on Social Media)
A few people are talking about the news on Twitter.
One user foretold the stock will trade at $10 tomorrow, which isn’t impossible considering the stock is currently trading at just over $8.
Another bull responded, saying “no one has blockchain technology” like Riot, indicating there is long-term faith in the company.
For those who don’t know, Riot Blockchain focuses primarily on supporting, operating, and building blockchain technologies. It serves as three things: medium of exchange, unit of account, or store of value.
Riot has an extensive portfolio, which makes sense considering it was founded 18 years ago. Coinsquare, Tesspay, and Verady are just a few examples.
Featured Image: Twitter