RATE Group | Riot to sell off exchange, target Bitcoin mining ahead of halving
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Riot to sell off exchange, target Bitcoin mining ahead of halving

22 Feb Riot to sell off exchange, target Bitcoin mining ahead of halving

Posted at 03:04h in Bitcoin News by

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With “the Bitcoin halving” fast approaching, more and more companies are shifting their focus to Bitcoin mining.

Riot Blockchain, a Nasdaq-listed crypto mining and investment company, announced on Thursday that it will be realigning its business strategy this year. The company plans to sell off its cryptocurrency exchange RiotX and instead target its efforts almost entirely on Bitcoin mining. Riot cited changes in the “regulatory environment” and “cybersecurity risks” as reasons for ceasing the exchange.

As part of the announcement, Riot said it has partnered with financial services firm XMS Capital Partners to help it “navigate the dynamic bitcoin landscape and advise the Company on potential strategic transactions in bitcoin mining related operations.” Riot had also previously worked on mining other cryptocurrencies like Bitcoin Cash (BCH) and Litecoin (LTC).

Following the announcement, Riot’s stock dropped as much as 5 percent. It has since recovered…

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