Shares of crypto mining company Riot Blockchain (RIOT) plunged on Thusday, giving back a portion of a parabolic rally that was largely driven by news of a major boost in hash rate capacity.
RIOT fell 20.4% to close at $62.03 on Thursday but was moving slightly higher in after-hours trading. At current values, RIOT has a total market capitalization of $4.2 billion, making it one of the largest companies in the blockchain industry.
The sharp pullback follows a more than doubling in price between Feb. 10 and Feb. 17. The weeklong rally saw RIOT peak just below $78.00 before Thursday’s pullback.
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Since the beginning of the month, Riot’s stock price has gained a whopping 202%.
RIOT’s 6-month trajectory shows a strong uptrend for the stock. Chart via TradingView
RIOT began its most recent parabolic rally shortly after the company announced it expected to achieve a hash rate capacity of 1.06 exahash per second with the deployment of 2,002 S19
