Riot Platforms Inc. BTC Mining Production Ascended By 36% in March

• Riot Platforms Inc. recently released its production and operations update.
• Company shares fell by over 4% before the market closed.

Bitcoin mining is getting difficult, considering the number of miners entering the network. Riot Blockchain (NASDAQ: RIOT), a BTC mining company, recently revealed their March 2023 production and operations update. RIOT stock was trading at the market price of $9.15 at the publication time.

Bitcoin Miners Generated Over $700 Million Last Month

According to the official press release, the company has produced 695 Bitcoins (worth over $19 Million) through their mining operations, a 36% increase year-on-year. Currently, the Bitcoin miner holds 7,072 BTC, all garnered through their mining operations. Moreover, the organization has deployed 94,176 miners with a collective hashrate capacity of 10.5 EH/s.

The company expects a total hashrate capacity of 12.5 EH/s in 2023. Data shows that Bitcoin miners generated over $700 Million last month. Antpool and Foundry USA dominated the market during the month. The highest hashrate for the month reached 414.33 EH/s on March 25, 2023.

However, a recent bill in Texas may prove to hinder BTC miners. Considering Bitcoin mining is associated with heavy electricity consumption, the bill will focus on stabilizing supply from energy grids to avoid potential outages. State’s power grids are already facing tensions amid extreme climatic conditions, making stable power supply a crucial matter.

RIOT Stock Price Analysis

RIOT stock saw an over 4% decline yesterday following the company’s mining update release. Company shares went into a bear run beginning in August 2022. The new year proved fruitful considering the organization gained over 90% during a couple of weeks in January 2023, breaking the regression channel.

Fibonacci retracement highlights the price sustaining in 0.618 golden ratios during mid-February 2023. A breakdown is visible in the following month, leading the price to $5.16 before a retracement. The value broke four fib levels, realizing around a 90% gain. RIOT stock has lost almost 9% in the past few days and may continue the momentum for the next few days.

Moving average convergence divergence (MACD) underscores falling buyer dominance. Bull bear power highlights the same. The price holds support at $8.5 according to fibonacci retracement and resistance at $10.1.

The company may benefit in the long run considering the Texas Senator, Ted Cruz, believes the state is perfect for Bitcoin mining. Nevertheless, Riot Platforms Inc. disclosed poor earning reports throughout the year. Crypto winter added another blow to most organizations operating in the sector. However, the market has started recovering and will likely deliver positive results if the momentum persists.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.