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You are here: Home / Bitcoin Industry News / Shares of Crypto Miner Riot Blockchain Jump 7% After Cantor Starts Coverage

January 5, 2022

Shares of Crypto Miner Riot Blockchain Jump 7% After Cantor Starts Coverage

Shares of crypto mining firm Riot Blockchain (RIOT) surged on Tuesday, closing over 7% higher, after broker Cantor Fitzgerald initiated coverage with an “overweight” rating and a price target of $45. However, shares tumbled 12% on Wednesday as the price of bitcoin fell several percent.

  • Cantor sees Riot as one of the best ways for investors to gain exposure to bitcoin without having to own the digital asset directly, as the mining company holds most of the mined coins on its balance sheet.
  • The broker said that Riot is in an “unique position” to continue to win market share in the coming years. The miner plans to more than double its mining capacity to 750 MW by the second quarter of 2022, and to triple its hashrate to 9 EH/s by year end, Cantor noted in its report.
  • The miner’s hashrate is the second highest in the industry, the report added.
  • Riot’s acquisition of Whinstone gives it a significant advantage over its peers because it reduces the miner’s reliance on third party hosting providers, Cantor said. The acquisition also makes it more vertically integrated and gives the firm increased control over its mining infrastructure and operating costs, the broker added.
  • The Nasdaq-listed mining company acquired Whinstone from Northern Data AG in April for a total value of $651 million in cash and shares.
  • On Wednesday, Riot announced that it had mined 425 bitcoins in December, up 334% from 98 bitcoins a year ago, and 3,812 bitcoins in all of 2021, up 269% from 1,033 in 2021. At the end of 2021, Riot owned 4,889 bitcoins, worth roughly $213 million at current prices.
  • That compared to 1,044 bitcoin mined in December and 5,769 mined in 2021 by Core Scientific, 363 bitcoins mined in December and 3,452 in 2021 by Bitfarms (BITF) and 484.5 bitcoins mined in December and 3,197 in 2021 by Marathon Digital (MARA).

Read more: Riot Blockchain Raises 2022 Hashrate Guidance for Second Time in a Month

UPDATE (Jan. 5, 22:55 UTC): Updated with Riot’s share performance on Wednesday, and Riot and its rivals’ December and full year 2021 bitcoin production numbers.

Author: Will Canny

Filed Under: Bitcoin Industry News

Expert Witness

Ty Sagalow head shotTy Sagalow's unique background in legal, underwriting, policy drafting and claims – and his designation as a “qualified insurance expert” by the United States District Court for the Southern District of California – offers attorneys an unparalleled resource in D&O, E&O and Cyber insurance coverage disputes. He was also named "Most Helpful Expert" in a recent $8.7M coverage decision.

Mr. Sagalow served as Chief Underwriting Officer and General Counsel for AIG Executive Liability (formerly National Union Fire Insurance Company of Pittsburgh, PA), the world’s largest carrier of Directors and Officers Liability and Professional Liability Insurance. As General Counsel, Mr. Sagalow personally wrote or led teams that wrote all the D&O policies and many of the professional liability policies that AIG produced between 1988 and 2000 – policies which continue to serve as the foundational wording for the D&O and professional liability policies in the market today. As AIG Executive Liability’s Chief Underwriting Officer, Mr. Sagalow was charged with all underwriting interpretations and decisions for AIG D&O/E&O policies. In 2009, Mr. Sagalow headed up the team that rewrote all D&O policies for Zurich North America.

Ty is a cum laude graduate of Georgetown University Law Center and holds a LLM from New York University School of Law.

Bitcoin Insurance

Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry.

With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

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