Needham analyst John Todaro initiated coverage of Riot Blockchain with a Buy rating and $9 price target. Riot is one of the largest vertically integrated miners in terms of capacity, hash rate, and bitcoin production, the analyst tells investors in a research note. The firm views Riot as a "tier-1 miner" with an estimated all-in breakeven cost of $13,400 per bitcoin, "which places it at the lower end of the spectrum." Riot has more cash and equivalents than any other miner, it holds $125M in bitcoin, and is debt free, Needham contends.
Published first on TheFly
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