Hello Pal Intl Inc (HLLPF)

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The writing on the wall for HLLPF - Riot Blockchain Stock Surges After Mining Almost 500 Bitcoins in the First Quarter

Shares of cryptocurrency miner Riot Blockchain (NASDAQ:RIOT) surged on Monday after the company gave investors a mining update for the first quarter. The company said it mined 75% more Bitcoin (CRYPTO:BTC) tokens than it did last year, and that has the market excited. As of 11 a.m. EDT today, Riot Blockchain stock was up 8%.

This is particularly noteworthy because it was twice as easy to mine Bitcoin last year, so to speak. Every few years, the Bitcoin network has what's called a "halving event." When Bitcoin reaches a halving date, the reward for mining Bitcoin is cut in half. Miners do the same amount of work, but don't get the same payout. Since May 2020, miners have been getting just 6.25 Bitcoin tokens per block mined.

Therefore, Riot Blockchain has increased its computing power enough to not only compensate for the halving event but also take Bitcoin mining share. This can be measured with something called a "hash rate." The company ended 2019 with a hash rate of around 100 peta-hashes per second (PH/s) whereas the total hash rate of Bitcoin was around 100 thousand PH/s, according to Blockchain.com. Now, Riot Blockchain's hash rate is expected to reach 1,600 PH/s by the end of this month while the total hash rate of the network is around 172,000 PH/s. From these numbers, it's clear to see Riot Blockchain's growth is outpacing the growth of the network.

Mining share is important. The amount of Bitcoin tokens that can be mined is fixed. So Bitcoin miners are paid relative to the amount of hash rate they provide the network. With Riot Blockchain increasing its share, its payouts are also increasing, which is why investors are excited today.


https://www.yahoo.com/finance/m/591a283c-e4c2-37f2-ad38-f7b2a13dce62/riot-blockchain-stock-surges.html