inverse BTC?
$Riot Platforms(RIOT.US$ is this thing inversely correlated to BTC price or something?
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NWPang : haha
egan1 : Most people don't really get the mining business and just view investing in them as a bet on Bitcoin. Even during the bull market of 2019 when block rewards were higher RIOT lost money. mostly due to depreciation of their miners. Once a new generation of ASICs hit the market your old ones are uncompetitive and are thus worth a lot less. this means any profits you make are completely offset by the cost of the new ASICs you have to buy every 2-6 quarters to stay competitive. It's all laid out in their balance sheet but for some reason they never mention depreciation and amortization in their earnings calls.
This is only goin to continue to get worse as block rewards are 1/2d.