Riot Blockchain Shutters Crypto Exchange, Expands Mining Operation

Riot Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, a Nasdaq-listed crypto company, has decided to close its digital asset exchange in the United States, shifting all its focus towards its mining business.

In a press release published on Thursday, the Colorado-headquartered company revealed several strategic changes in its business.

Popular for being one of the handfuls of publicly listed blockchain companies, Riot dived into the digital asset exchange business in 2018 with the launch of RiotX Exchange.

However, now the company has re-evaluated its decision to run a crypto exchange in a competitive market due to factors like an evolving regulatory environment in the United States and cybersecurity threats on such platforms.

"In order to concentrate its focus on cryptocurrency mining, Riot has opted to sunset further development of Riot's U.S.-based digital currency exchange," the company stated. "Riot is considering opportunities to divest the limited assets associated with the RiotX in the best interest of the Company and its stockholders."

Extension of its mining operation

The company also revealed that it has completed a full network upgrade at its Oklahoma City mining facility, which has significantly increased its mining capacity and efficiency. The firm deployed its recently procured 4,000 S17 Bitmain miners to the new facility. With the latest addition, the firm is expecting to increase its Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term by 240 percent.

"Going forward, Riot reinforces its confidence in bitcoin by focusing on bitcoin mining and pursuing opportunities more directly related to bitcoin mining," Riot added.

Besides, the company also entered into a partnership with XMS Capital Partners to receive advice on its potential strategic transactions in Bitcoin mining-related operations.

Meanwhile, the stock price of Riot is down by over 5 percent in a day, trading at $1.42. The value of the company's stocks, however, soared 16 percent since the beginning of this year.