Riot Platforms Inc (RIOT)

[No-Quarter]

Another article to read.

https://paulbutler.org/2022/the-problem-with-bitcoin-miners/

How did we get here?

There’s one group of people for whom bitcoin mining is an extremely lucrative business: executives. Last year, one MARA executive earned over $220 million in cash and stock-based compensation, in a year when the company’s total revenue was $150 million. RIOT’s top five executives collectively took home a more modest $90 million in a year with a net loss.

This, I think, points to the crux of the problem. Investors have been happy to provide capital to these companies, looking for anything in the public markets that provides some exposure to bitcoin, without paying much attention to what the companies are doing.

I don’t think it ends well.