Bitcoin and other high market cap cryptocurrencies are proving to be the most explosively valuable asset in history. Despite the meteoric rise of cryptocurrency and the destabilizing effect it has had on incumbent financial markets, many investors still have no idea what cryptocurrency mining even is.
While seeking a conclusive definition on what mining means in the context of cryptocurrency may have you reeling from complex terms involving the inner working is blockchain consensus, it can be summed up in a succinct fashion thusly: mining is the process of adding blocks to the blockchain, and completing transactions.
Mining in the cryptocurrency industry, especially cryptocurrency mining, can be extremely profitable. This fact has not gone unnoticed by a new entry into the Nasdaq, Riot Blockchain. This revolutionary and highly innovative investment startup has just acquired 1,200 Bitcoin mining machines.
While this may sound relatively mundane given the current state of the cryptocurrency mining industry, in reality it represents a massive step forward in the mainstream adoption of blockchain technology and cryptocurrency. Riot is one of the only blockchain companies listed on the Nasdaq, and has increased in value over 80% over the last few months, mirroring the increased in value of Bitcoin itself.
What is Riot Blockchain?
Riot Blockchain is also one of the only companies in the blockchain space that isn’t simply sitting back and allowing its investment portfolio to do all the work. The company recently announced that it would be acquiring a massive network of Bitcoin mining machines from Bitcoin mining platform Bitman.
The specific machine acquired by Riot is the AntMiner, which is considered the “gold standard” of the cryptocurrency mining industry. Riot has acquired 700 AntMiner S9 Machines and another 500 AntMiner L3 machines, which provides the company with a great deal of processing power, as well as the ability and agility to switch coins quickly.
Once Riot has established operations with the new machines, they should total a cumulative hash power of 9.8 pentahash for Bitcoin mining, or 2500,000 MH of X11 for Litecoin mining. Riot has not yet divulged any information on whether it plans to leverage the power of mining equipment for itself, or lease it out in a cloud mining project.
Riot Blockchain describes itself as “part of the disruptive technology revolutionizing transactions”. Functioning as a first-mover on the Nasdaq focused specifically on blockchain technology, Riot intends to further their projects and market penetration by conducting targeted investments into the Bitcoin and Ethereum blockchains.
Riot Blockchain Conclusion
Riot Blockchain is focused on identifying promising projects, transforming ideas, and decentralizing markets. The core precept of the Riot investment strategy is the identification of unique products and platforms that are able to decentralize markets. Riot is set to combine real world applications with active development teams and large addressable markets to significantly increase ROI.