Yes this is pretty bullish because it’s a huge investment and next year is the halving. So obviously the smart money knows that Bitcoin is not going anywhere.

Institutions and these large companies invest for the long term. Most retail invest in the short term and that’s why we still got bears around us. News like this is proof that you need to think crypto long term and not short term. Short term it can still break down $20K but what matters is that it stays above $20K next year and the following.

Those fud arent even a big deal to some since they knew it was just an act. Now the SEC fud was dissolve and replace with the bullish news of bitcoin spot etf and even this new one shared by OP. I guess the company see a huge upside with the application and decided to throw some of their funds to work. Considering mining is quite expensive due to equipment needed. A move must be done and now this will be another catalyst for an epic bull run.

How much has Riot made this year from mining?
https://www.marketwatch.com/investing/stock/riot/financials


Why doing this if you're so bullish on the price?:
https://www.riotplatforms.com/news-media/press-releases/detail/154/riot-announces-may-2023-production-and-operations-updates

But don't forget the opportunity cost of money.
If Amazon can spend $1 mining to make $1.10 it's good.
If Amazon can spend $1 building a new data center for their cloud services and make $1.25 it's better.

Mining is not Amazons or Googles or IBMs main business, so there is a good chance they DID look at it and say, 'we can make more money doing something else'

For Riot and others mining is their business. But lets be honest, if for some reason someone went to them and gave them a really good business proposal showing that they should drop all their miners in a dumpster and reconfigure their data centers to house a toothpaste manufacturing facility because instead of $16.5 million a month they would be making $25 million a month. Two things would happen. (1) We would all be dumpster diving to get the miners and (2) everyone at Riot would have nice and bright white teeth. Joking example but it's a business they follow the money. If you think Riot or anyone else is mining in these major facilities for the good of BTC instead to the pursuit of profit then you don't follow business.

-Dave

Why do you think just because some rich guy or company bought BTC or rigs it means we’re turning bullish? Do they ever predict the future? Do they have a working crystal ball of some sort?

I’ve followed investors before who made exaggerated investments only to find themselves in a huge loss. It’s no indication that we’re bullish or that it’s “smart money” - it could be dumb money and you don’t even know it.

I would because their action implies that they might be speculating that the bear market is presently over or will be over.

On Blackrock's ETF application, I was also skeptical about it because why were the cryptonews media again using an old storyline from 2021? However, it also made me think, why would Blackrock apply for an ETF during Gensler's crackdown on the cryptospace? This might be because they know for certain that the whole cryptospace market will not dump anymore.

well in 2015 we were at 400-500 in april

we brushed up to 700 by july.

and slowly wandered upwards into 2016

this rally reminds me of the 2015-2016 move

if it is we will get close to 55k in jan 2024

and top 500k in 202
 
Maybe other people think 🤔 this is going to happen thus cash is flowing into mining.

Because of the technology we have, it's really thought-provoking and surprising, but I think that's because they really see a good effect of it in the future. So it's okay for them to spend millions on it. So it is not surprising that its value will really increase in the future.

Even though a lot of Fud has been spread, there are still many people who invest millions of dollars in things like that that most people don't understand. This is what is called having a good future that can be given.

Another step towards centralized bitcoin economy! Not much cheerful for the market to be honest. Private companies have loads of cash which they can use for their own benefits. The major risk here is that if they are building such a huge mining farm in a country like US which are not really crypto friendly, then the government can take over such a huge mining facility by force if they want to control the network.

I am not really in favor of big corporates when it comes to bitcoin network.