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Stocks on the Move as Bitcoin Passes $45,000 - (NASDAQ: RIOT) (NASDAQ: MARA) (NASDAQ: BTBT)

 

February 8, 2024 (Investorideas.com Newswire) Investorideas.com, a global news source and expert investing resource covering bitcoin and crypto stocks, issues a sector snapshot as bitcoin moves above $45,000 US to 45,152.45+1,720.74.

Riot Platforms, Inc. (NASDAQ: RIOT) is trading up at $12.60+1.28 (+11.29%). Earlier this week the company announced unaudited production and operations updates for January 2024.

"Riot had a strong month in January, mining 520 Bitcoin while utilizing our unique power strategy," said Jason Les, CEO of Riot. "Texas experienced extreme cold during the month, which led to increased demand for power. During periods of high demand, Riot's power curtailment efforts helped to stabilize the grid and generated $3.3 Million in Power and Demand Response Credits, equivalent to approximately 77 Bitcoin based on the average price of Bitcoin during the month. Riot's unique power strategy is central to positioning us as one of the lowest cost miners, and is a key competitive advantage, alongside our unmatched balance sheet strength and vertically integrated operations, as our industry transitions through the upcoming Bitcoin halving.

Marathon Digital Holdings, Inc. (NASDAQ:MARA) pops trading at $20.22+2.67 (+15.25%). February 5th they published unaudited bitcoin ("BTC") production and miner installation updates for January 2024.

Management Commentary

"In January, we increased our energized hash rate 7% to 26.4 exahash as our team worked to address several temporary disruptions that negatively impacted our production," said Fred Thiel, Marathon's chairman and CEO. "These disruptions included weather-related curtailment and equipment failures that led to site outages and reduced our average operational hash rate 14% to 19.3 exahash in January. Additionally, total network rewards decreased 14% month-over-month as transaction fees, which spiked in the prior month and represented 22% of our overall production in December, declined to 11% of our overall production in January. As a result, we produced 1,084 BTC in January, 42% less than we produced in December. Our team is addressing the short-term disruptions and working to bring our sites back to full strength. We expect hash rate to improve over the next few weeks.

"While our team began addressing these domestic challenges, we also made notable progress internationally. In collaboration with our regional partner, we completed the construction and energization all 250 megawatts of our joint venture in Abu Dhabi, which is among the most technologically advanced immersion deployments globally and operates at nearly 100% uptime. At the same time, we continued executing our joint venture in Paraguay. This deployment now has 2,100 miners, or 0.3 exahash, operational, and we continue to expect the full 1.1 exahash to be online in Q2 2024.

"After closing the acquisition of the data centers in Granbury, Texas and Kearney, Nebraska in January, we announced last week that we would be terminating Hut8 as the operator of these sites and we intend to assume full operational control ourselves by April 30. By directly owning and operating these sites, we believe we can reduce our operating fees, thereby improving our cost to produce bitcoin, more effectively participate in energy hedging and other energy management services and streamline the implementation of our proprietary technology to improve operational efficiency.

"We have already added another 0.9 exahash of capacity at our newly owned facility in Granbury, Texas, and we expect progress to accelerate as we gain more operational influence. As we closed the acquisition, our team immediately began engaging with the local community in Granbury, and we look forward to a long and mutually beneficial relationship. With the acquisition closed and seven exahash of miners on order and almost entirely paid, we have a clear path to grow our hash rate another 30% this year and reach 50 EH/s by the end of 2025."

Bit Digital, Inc. (NASDAQ: BTBT) gained , trading at Bit Digital, Inc. $2.6000+0.1700 (+7.00%). This week they announced unaudited digital asset production and corporate updates for the month of January 2024.

Corporate Highlights for January 2024

In January 2024, the Company produced 145.7 BTC, a 14% decrease compared to the prior month.

The Company's active hash rate was approximately 2.50 EH/s as of January 31, 2024.

Treasury holdings of BTC and ETH were 739.2 and 18,072.2 with a fair market value of approximately $31.4 million and $41.3 million, respectively, on January 31, 2024.

The BTC equivalent[1] of our digital asset holdings as of January 31, 2024, was approximately 1,739.0 or approximately $74.0 million.

The Company had cash and cash equivalents of $22.6 million as of January 31, 2024.

Proof-of-Stake Highlights

The Company had approximately 12,784 ETH actively staked in native and liquid staking protocols as of January 31, 2024. Approximately 12,384 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date.

Bit Digital earned a blended APY of approximately 3.69% on its staked ETH position for the month of January 2024.

The Company earned aggregate staking rewards of approximately 38.7 ETH during January 2024.

Bit Digital AI Update

As of January 23, 2024, the Company had 192 servers actively generating revenue from its inaugural Bit Digital AI contract. An additional 60 servers started generating revenue on February 4, 2024. The Company earned an estimated $1.0 million of unaudited revenue from this contract during the month of January 2024.

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