According to JPMorgan, Riot Platforms is trading at a good price right now. Analyst Reginald Smith talks about what could help the $RIOT stock in the future. The stock is down 45% from its highest point this year. You can follow Invezz for updates on Telegram, Twitter, and Google News.

Riot Platforms Inc (NASDAQ: RIOT) increased by 10% today after an optimistic report was released by a JPMorgan analyst.

What is expected to benefit Riot stock in the future? Reginald Smith revealed in a report this morning that $RIOT is performing the worst among all Bitcoin mining stocks his firm monitors.

Despite this, the analyst maintains his positive rating on Riot stock, asserting his belief that recently constructed and acquired facilities will contribute to its success in the future.

Smith sees the company, based in Castle Rock, Colorado, as a leader in Bitcoin following their analyst day last April. Despite the recent halving of Bitcoin rewards, Smith believes Riot will continue to prosper.

Reginald Smith is still positive about Riot Platforms because it is currently valued attractively. The stock price has risen today but is still 45% lower than its peak this year.

Smith mentioned in his note that $RIOT had the lowest power costs per coin mined in 2023, and post-halving, it is expected to remain one of the two lowest-cost producers due to its size and power contracts.

He also predicted that CleanSpark Inc would be another low-cost producer, benefitting from the recent halving event according to Bernstein analysts. $CLSK is currently down around 30% from its highest point this year.