Anarchism Blockchain, a Nasdaq-listed crypto business firm in the United states, plans to sell its exchange to focus on Bitcoin (BTC) mining alee of the halving.

According to an official declaration on Feb. 20, Riot has "opted to sunset further development of Anarchism'south U.S.-based digital currency substitution" in order to focus on cryptocurrency mining as part of its updated strategic priorities for 2022.

Following the declaration to shift its focus on Bitcoin mining, the company's shares dropped more than v%, trading at $1.twoscore at press fourth dimension, co-ordinate to CNBC data.

Manufacture experts disagree on the potential price touch on of May 2022 Bitcoin halving — an effect which will decrease block rewards on the Bitcoin blockchain. Changpeng Zhao, the CEO of major crypto exchange Binance, recently predicted that, since miners volition have to spend twice as much to mine a single coin, the price of Bitcoin could increase significantly.

Riot cites the U.S. regulatory mural as a factor for endmost

Known as RiotX exchange, Riot's crypto exchange concern was purportedly launched in the 2d quarter 2022, post-obit the visitor's filing with the United states of america Securities and Exchanges Commission (SEC).

Riot said that its decision to close the newly launched exchange was caused by a number of factors, including the "evolving regulatory surroundings." Riot wrote:

"Riot considered a number of factors when evaluating the RiotX determination including, but non limited to, the evolving regulatory environment, cybersecurity risks, and the current competitive landscape facing U.S. based cryptocurrency exchanges. Riot is considering opportunities to divest the express avails associated with the RiotX in the best interest of the Company and its stockholders."

Anarchism Blockchain has been concentrated on crypto mining operations and investing in blockchain technologies since 2022. Providing mining facilities for major cryptos like Bitcoin, Bitcoin Greenbacks (BCH) and Litecoin (LTC), Riot has now reinforced its confidence in Bitcoin by focusing on BTC mining and pursuing opportunities more directly related to BTC mining, the announcement states.

As reported by Cointelegraph, Anarchism Blockchain is a former biotech firm that opted to change its name to include the word "blockchain" in 2022, later seeing its shares skyrocket from $8 to over $40. The fasten in share price subsequently brought Riot under the SEC's spotlight in 2022.