SOS Ltd trades flat despite Bitcoin price reversal

  • NYSE: SOS gained 0.02% in Friday’s trading session.
  • The New York State Assembly has passed a bill to impose a moratorium on Bitcoin mining.
  • SOS rival Riot Blockchain is building a 1GW mining facility in Texas.

NYSE: SOS managed to pull out a positive day to end the week, despite the collapse of broader markets in the closing bell. On Friday, shares of SOS edged up 0.02% and closed the trading session at $0.42. Following disappointing results from Amazon (NASDAQ:AMZN) and weak guidance from Apple (NASDAQ:AAPL), there was again blood in the streets to end the week. All three major indexes fell further, erasing all the gains made in Thursday’s rally. The Dow Jones fell 939 basis points, the S&P 500 fell 3.63% and the NASDAQ crashed 4.17% during the session.

Stay up to date with hot stock news!

On Tuesday night, the New York State Assembly passed a bill that would impose a two-year moratorium on crypto mining within the state. The bill focuses on energy-intensive proof-of-work mining, which is of course how Bitcoin is created. This bill has yet to make its way through the state Senate and ultimately to Governor Kathy Hochul, who has yet to take a public position in this debate. New York has a strong focus on reducing energy use that creates greenhouse gases and has an 85% reduction target by 2050.

SOS inventory forecast

SOS mining rival Riot Blockchain (NASDAQ: RIOT) is developing a massive 1GW mining facility in Navarro County, Texas. The project is a 265 acre site that already has over 400 MW of capacity. The planned expansion is expected to cost the company $333 million and will eventually accommodate up to 1.7 GW of power. The first planned expansion is expected to be completed by July 2023.