Riot blockchain falls 32% in 3 days as bitcoin momentum turns negative

Riot Blockchain shares even fell 18.5% on Thursday as Bitcoin’s momentum turned sharply negative. The cryptocurrency is down 22% from its January 8 high of over $ 40,000 per coin. The three-day losses on Riot stock now exceed 30%. Riot Blockchain is one of the largest Bitcoin mining companies, and until recently, business was booming. The company posted a 42% year-over-year revenue increase in the third quarter of 2020. Riot recently announced it would receive and deploy an additional 2,500 Bitmain S19 Pro Antminers, bringing the company even more revenue overall from 9540 Antminers in operation. The company has also ordered 28,100 additional S19 and S19j Pro anti-miners through 2021. When fully operational, Riot expects a total bitcoin mining hash rate capacity of 3.8 Exahash (“EH”) / s’), making it one of the largest crypto miners in the world.