Riot Blockchain converts mined Bitcoin Cash to bitcoin on a regular basis
The company expects to have approximately 8,000 Bitmain S9 miners deployed by the end of May 2018.
Controversial company Riot Blockchain revealed that it regularly converts any mined Bitcoin Cash into bitcoin.
The US Securities and Exchange Commission (SEC) recently published Riot Blockchain’s 2017 Financial Results. The company declared that as of March 2018, it generated approximately 69 bitcoins and 44 Bitcoin Cash utilizing a daily average of 2,547 Bitmain S9 miners deployed at its mining facility located in Oklahoma City.
“Riot presently converts any Bitcoin Cash mined to bitcoin on a regular basis,” according to the report.
Riot expects to have approximately 8,000 Bitmain S9 miners deployed at their facility by the end of May 2018. This would be over three times the daily average number of miners deployed during the month of March 2018.
Earlier this month, Riot Blockchain received a subpoena from the SEC requesting “certain information”.
In late 2017 research tools company Bioptix, engaged in veterinary and life science-oriented businesses, changed its name to Riot Blockchain and began pursuing a blockchain and digital currency business model. This was initially achieved through investments in existing companies, according to Riot’s annual report filing.
Stock in the company soared from around $8 per share to more than $40 over a very short period of time.
In its 10-K submission, Riot revealed that SEC Chairman Jay Clayton warned that it is not acceptable for companies without a meaningful track record in the sector to dabble in blockchain technology, change their name and immediately offer investors securities without providing adequate disclosures about the risks involved. As a result, Riot understands that the company could be subject to SEC scrutiny that may require devotion of significant management and other resources and potentially have an adverse impact on its stock.
Riot expects to continue to incur losses from operations for the near-term and that these losses could be significant due to costs and expenses associated with operations and other new business developments.
The company plans to continue its expansion of cryptocurrency mining operations, evaluate opportunities for investments in the blockchain and digital currency sector, explore financing, investigate the launch of a digital asset exchange in the United States and monetize and license company assets for further gains.
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