Riot Platforms (NASDAQ:RIOT) stock is in the news Wednesday as Bernstein analysts have a lot of positive things to say about Bitcoin (BTC-USD) mining companies.
A new research note from Bernstein claims that Bitcoin mining companies have fallen behind recently. That’s despite the positive rallies for BTC and growing number of spot exchange-traded funds (ETFs).
However, the Bitcoin halving is coming up later this week and that could be a positive catalyst for the companies, Riot Platforms included. This will reduce the reward rate for mining BTC.
While that may seem like a bad thing, several Bitcoin miners have expressed positive sentiment. That includes Riot Platforms, as it expects to weather the change just fine. Adding to that is BTC often experiencing rallies around the same time as halving events.
What This Means for RIOT Stock
All of this is to say that major Bitcoin mining companies are well prepared for the halving. While some BTC miners may suffer from reduced revenue, Riot Platforms appears to be one of the companies that won’t be too badly affected by this change.
RIOT stock is up slightly as of Wednesday morning. That comes with some 3 million shares traded, as compared to a daily average of about 24.2 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
