According to TechFlow, Jason Les, CEO of crypto mining company Riot Platforms, expressed his views on Bitcoin on CNBC's "Power Lunch" program on March 1.
He believes that the approved spot Bitcoin ETFs have had a significant impact on the cryptocurrency ecosystem. These ETFs have attracted a lot of funds to the Bitcoin market, especially benefiting Bitcoin mining companies such as Riot Platforms.
Since the ETF was approved on January 10, a large amount of Bitcoin has been purchased through these financial instruments, driving up the price of Bitcoin. This is a positive for mining companies such as Riot Platforms because the price increase is in line with their business model.
Riot Platforms plans to mine more Bitcoin per day by the end of 2024 by expanding its mining capacity.
Riot's direct cost per Bitcoin is approximately $7,539 in 2023. In addition, Riot Platforms' expansion plans will not be affected by Bitcoin price fluctuations as the company is committed to a long-term vision.
