Why Riot Platforms Ended the Week 7% Lower

As we wrap up another incredibly volatile week for former cryptocurrency miners transitioning to becoming compute providers, Riot Platforms' (NASDAQ: RIOT) 7% weekly decline actually isn't as bad as many of its peers. Like many of its former pure-play Bitcoin mining peers, Riot's full-fledged commitment to becoming a high-performance compute data center play from a crypto mining firm is one investors are clearly watching. Announcing the shell development of two key buildings at the company's Corsicana data center campus, Riot is looking to bring 112 megawatts of total critical IT capacity to the market. That's significant, and a move that brought substantial initial upside to Riot's share price earlier this year, as investors sought to position themselves ahead of this buildout. With that in mind, let's explore why the group of Bitcoin miners-turned-HPC companies is dropping today, and what to make of this move. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool