In a filing with the US Securities and Exchange Commission (SEC) on Thursday, bitcoin (BTC) miner Riot Blockchain announced it would sell up to $500 million worth of common stock to fund company overheads such as working capital. Payment of company obligations, capital expenditures, acquisitions and investment in current and future projects.

After the offering, the company will have over 139 million shares outstanding, giving it a market value of about $3 billion at Friday’s prices. The company is authorized to issue 170 million shares.

RIOT’s share price has fluctuated over the past 12 months. Source: Trading View
Riot Blockchain currently operates the Antminer fleet manufactured by Bitmain Technologies. The company expects the number of bitcoin miners to grow to over 80,000 by the fourth quarter of 2022. Riot Blockchain estimates that by then, its mining power will grow to around 7.7 hashrate per second, which is theoretically 3.8% of the network’s total hashrate. net. Bitcoin. Mining rigs are concentrated at Winston’s Rockdale, Texas facility, possibly due to the state’s reasonable electricity costs.

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Last October, Riot Blockchain said it had tripled its Bitcoin production from last year, accumulating $194 million in BTC at the time. However, the company’s production was hit in February when it briefly shut down 99% of operations as a winter storm approached Texas. At the end of 2021, the physical book value of Riot Blockchain was about $834.6 million, mainly from factory equipment, real estate, and mining.

Source: CoinTelegraph