Taking a Look at Riot Blockchain’s Kairos Acquisition
Riot Blockchain stock has seen a strong upsurge in the past few days. It has risen from $4 to $25 in the past six months.
What is blockchain?
Blockchain is the underlying technology on which the functionality of anonymity and openness in cryptocurrencies is built. In the chain, records are kept in a ledger that continuously grows. These blocks are secured through cryptography, and each new block is permanently added to the chain.
The underlying blockchain technology has a number of potential applications in healthcare, banking, insurance, cloud storage, payments, insurance, supply chain management, stock trading ledgers, and government and public records.
Ethereum is a platform that allows developing a variety of applications. Ether is the fuel that runs it and the cryptocurrency token of the Ethereum platform.
The cryptocurrency market is growing due to new funds entering the market and people’s increasing adoption of the currency.
Kairos Global Technology
In November 2017, Riot Blockchain (RIOT) closed an agreement to acquire Kairos Global Technology. Kairos owns 700 Antminer S9 and 500 Antminer L3 servers used for mining cryptocurrency. These servers are manufactured by Bitmain. Kairos stockholders are entitled to a royalty from cash flow generated from operations. That will be 40% of the company’s gross profits generated monthly until a total of $1 million has been paid.
Riot Blockchain stock has seen a strong upsurge in the past few days. It has risen from $4 to $25 in the past six months. The stocks for peers Digital Power (DPW), Marathon Patent Group (MARA), and Square (SQ) have risen 300%, 500%, and 80%, respectively, in the past six months.
In the next part of this series, we’ll take a look at Riot Blockchains’ Tess, Verady, and Coinsquare investments.