So, Riot Blockchain is likely to drop a buck or more this morning. Crypto-winter's icy blasts. . . are back, howling into the chilled morning sunshine, here.
Sober traders are watching the whales lighten up on Bitcoin, using the mini-rally as a liquidity event.
Longer term, the EPA and DOE initiatives may also steer the world away from the energy intensive "proof of work" protocol (i.e., current version of Bitcoin) in favor of much less burdensome "proof of stake" protocols (i.e., current version of Ethereum).
Riot's entirely lethal problem there is that the total of its now well over a billion dollar cap ex investment in the Bitmain rigs... CANNOT run proof of work math problems. At all.
Riot's entire business model is premised on ONLY being able to solve proof of work (i.e., Bitcoin).
Gonna be a bumpy 2022 -- into 2023, for this perennial money loser. Its SEC Form 10-K (showing vast losses on operations, which will file early next week) is already overdue.
Onward, grinning -- sunny morning here.
नमस्ते
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