Blockchain
Riot Blockchain Announces Q2/19 Financial Results
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Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or the “Company”) announced the filing of its 2019 Quarterly Report on Form 10-Q, which can be viewed on the Company’s website or at SEC.gov.
Highlights extracted from the June 30, 2019 quarterly consolidated condensed financial statements (unaudited) (“Q2/19”):
- Generated approximately $2.4 million in mining revenue on the production of 316.19 bitcoins, 143.81 bitcoin cash, and 870.01 litecoins for the quarter. This compares to Q2/18 revenues of $2.8 million on the production of 311.12 bitcoins, 272.81 bitcoin cash, and 314.04 litecoins.
- The average price of bitcoin for the quarter was $7,301 as compared to $7,767 in Q2/18. Additionally, the Q2/19 average price was substantially higher than the $3,799/BTC average price in Q1/19. Bitcoin mining makes up the large majority of Riot’s cryptocurrency mining operation.
- Gross margin as a percent of mining revenues improved significantly to 35% from (5%), sequentially, in the second quarter due primarily to higher average cryptocurrency prices as bitcoin, bitcoin cash, and litecoin gained 92%, 122%, and 158% relative to Q1/19 averages. Recent improvements in bitcoin prices, should they continue, are expected to further assist in improving gross margin break-even results.
- Net loss attributable to the Company in Q2/19 was approximately $1.3 million or $0.08/share. This marks a significant improvement from Q2/18, when the Company posted a comparable net loss of approximately $24.0 million or $1.81/share.
- Balance sheet was strengthened with a Q2/19 cash and cryptocurrency position of $18 million as compared to $225,000 at the end of FY/18. Total liabilities were reduced to $4.8 million in Q2/19 from $9.4 million at the end of FY/18 as outstanding payables were liquidated including settlement of certain debts – some at notable discounts.
Business update and highlights:
- Riot’s fully-owned hashing power was approximately 101 Petahash as of June 30, 2019; which ranks the Company among the largest publicly-listed miners of bitcoin. The mining operation continues to be fully deployed with 24/7 real-time monitoring of status and margin contribution. Based upon recent operating metrics and difficulty levels, at a price of $10,050/BTC an S9 miner would generate digital currency revenues of approximately $0.12/kWh.
- Riot recently acquired 200 Bitmain S9 and 30 Bitmain L3 miners for a cost of approximately $100,000. We plan to continue to look to enhance our mining operations through opportunistic value acquisitions.
- Riot maintains ownership of approximately 12% of Coinsquare, a leading cryptocurrency exchange in Canada.
- The previously disclosed Securities and Exchange Commission investigation associated with the subpoena received by the Company in April 2018 is still ongoing, and the Company has been cooperating with the SEC in that investigation.
- The Company continues development progress with RiotX, its planned cryptocurrency exchange, as it engages additional partners in the establishment of the exchange.
- Riot recently announced the establishment of an Advisory Board that is comprised of well-recognized creative leaders with a wealth of operational and strategic experience from across the blockchain space including: bitcoin software development, node projects, bitcoin education, start-up advisory, and venture capital/angel investing. The Advisory Board has been established to assist the Company in its strategic mission and enhance shareholder value through the advisors’ industry-leading insights and vast network of innovators and pacesetters.
SOURCE Riot Blockchain, Inc.
A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
The post Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis appeared first on HIPTHER Alerts.
A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
The post Binance warns of crypto market risks from overvaluation, centralization appeared first on HIPTHER Alerts.
The Cryptocurrency Open Patent Alliance (COPA) has teamed up with Unified Patents to launch the Blockchain Zone initiative, aimed at combating “patent trolls” in the crypto industry. Patent trolls, or non-practicing entities (NPEs), are known for exploiting patent rights through litigation rather than developing new technologies. COPA and Unified Patents aim to prevent such entities from hindering blockchain innovation by making costly and baseless patent assertions.
The initiative is designed to safeguard blockchain and related technologies from these unwarranted patent claims, fostering an environment where developers and companies can innovate freely without fear of legal threats. Key figures in the partnership, such as Paul Grewal from Coinbase and Steve Lee from Spiral, emphasize that patent trolls create significant barriers to technological progress, especially in the fast-evolving crypto space.
By aligning with over 300 companies through Unified Patents, COPA’s effort strengthens its mission to protect the blockchain community and the broader crypto-economy from the disruptive impact of NPEs, ensuring that blockchain innovation remains open and accessible.
Source: news.bitcoin.com
The post COPA, Unified Patents Partner to Fight Crypto Patent Trolls appeared first on HIPTHER Alerts.
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