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

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

Riot to concentrate on 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 somewhat, currently trading for around $1.41 per share—though it is still down more than 13 percent over the last five days. Read More