On August 3, Riot Blockchain––one of the world’s largest Bitcoin miners––issued an update on its operations for July that headlined an astounding result: Riot generated just as much or more money not producing coins as by minting its staple product.
It was a rough time for Bitcoin. But it didn’t look that way from Riot’s banner performance. The flagship token’s price had dropped from over $40,000 in April to hover in the low $20,000s during most of July. You’d think that fall would have hammered Riot’s revenues. But not so: Riot benefited from what’s effectively a second, backup business that doubled its sales over what it posted making its own Bitcoin––the same outcome as if Bitcoin were still selling for $40,000! That lucrative sideline consists of curtailing output and getting paid for releasing the “standby” power to stabilize the famously-stressed Texas grid. Among the rich benefits: selling that liberated electricity back to the network at such super-high prices that the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...