$Riot Platforms (RIOT.US)$  so weak eventhough bitcoin raise...

LeoforDharma : i have no idea why

egan1 : well, they've been diluting share holders quite aggressively in order to expand hashing power and just cover their overhead. Also, the halving happened about 1/2 way through the last quarter we have numbers for. Already, we can see revenue falling sharply at the same time their trying to expand hashing power. that quarter also had very high btc prices and a couple of big spikes in the hashprice index. It goes to reason then that next quarter will have an even bigger loss as there will be no pre 1/2ing revenue and difficulty is at all time highs as all miners are expanding hashrate. bitcoin, meanwhile, has traded flat since their last earnings report. it would take Bitcoin at 80k+ to see any real movement out of this. I personally don't think that even with Bitcoin at 100k, we'll see gaap profitability next quarter. you can think of miners as an otm long call on bitcoin. The price of Bitcoin needs to move up faster than difficulty and faster than the market expects for miners to rally. that just doesn't happen very often or consistently enough for miners to ever be profitable, hence the constant dilution.