Why Bitcoin-Related Stock Riot Platforms Hit A New 52-Week High Today

Riot Platforms Inc RIOT shares are trading higher by 8.42% to $14.68 Friday morning after the company announced June 2023 production and operations updates.

What Else?

Riot's CEO, Jason Les, highlighted the success of the company's mining operations, power strategy and growth plans in June. The company announced a substantial order of MicroBT miners for the Corsicana Facility, which will significantly boost their self-mining fleet and secure favorable pricing for future generations of miners.

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In addition to mining 460 Bitcoin, Riot leveraged their power strategy in Texas earning $8.4 million in power sales and $1.6 million in demand response revenue.

The company says, despite the impact of a severe winter storm, Riot expects to achieve a self-mining hash rate capacity of 12.5 EH/s by the second half of 2023 and 20.1 EH/s by mid-2024.

Furthermore, the company's curtailment efforts played a crucial role in stabilizing the Texas energy grid during a heatwave in June.

According to data from Benzinga Pro, RIOT has a 52-week high of $14.70 and a 52-week low of $3.25.