SOS Ltd trades flat despite Bitcoin price reversing course

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

NYSE: SOS managed to eke out a positive day to close the week, despite the broader markets crashing into the closing bell. On Friday, shares of SOS inched higher by 0.02% and closed the trading session at $0.42. Following disappointing earnings from Amazon (NASDAQ: AMZN) and weak guidance from Apple (NASDAQ: AAPL), there was blood on the streets once again to close the week. All three major indices tumbled further, erasing any gains made during Thursday’s rally. The Dow Jones dropped by 939 basis points, the S&P 500 fell by 3.63%, and the NASDAQ crashed by 4.17% during the session. 

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On Tuesday evening, the New York State Assembly passed a bill that would place a two-year moratorium on crypto mining within the state. The bill focuses on the energy-intensive Proof of Work mining which is of course how Bitcoin is created. This bill still needs to make its way through the State Senate and ultimately to Governor Kathy Hochul, who still has not taken a public side on this debate. New York is heavily focused on reducing the use of energy that creates greenhouse gases, and has a goal of 85% reduction by the year 2050. 

SOS stock 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 upwards of 400 MW of capacity.  The planned expansion is set to cost the company $333 million and will eventually be able to accommodate up to 1.7GW of power. The first planned expansion is set to be finished by July of 2023.