With Bitcoin and other digital stores of wealth gaining popularity, Bitcoin mining stocks offer another investment opportunity for those who believe in the future of this technology.
Although the cryptocurrency market is marked by high volatility, analysts such as Peter Eberle, president and CEO of Castle Analytics, believe it could be a rewarding sector for investors this year and next.
Bitcoin set a new all-time high price of US$73,115 on March 11 of this year, and is trading above US$69,000 as of May 30.
The global cryptocurrency-mining market is forecast to reach nearly US$7 billion by 2032, growing at a compound annual growth rate of 12.9 percent between 2023 and 2032.
Market cap: US$5.47 billion
Marathon Digital Holdings was one of the first cryptocurrency-mining companies to begin trading on the NASDAQ. The digital assets company is focused on building North America’s largest and lowest-cost mining operation.
Market cap: US$2.9 billion
Bitcoin miner Riot Platforms is another one of the relatively few crypto mining companies trading on the NASDAQ. In addition to mining Bitcoin itself, the company has multiple subsidiaries working in different aspects of the business, including one that hosts Bitcoin-mining equipment for clients.
Market cap: US$1.17 billion
In Cipher’s Q1 2024 report, the company shared that it saw revenue of US$48 million during the quarter, as well as record net income.
Market cap: C$1.11 billion
Hut 8 Mining is one of the largest Bitcoin and Ethereum mining companies in the world. It has more than 884 megawatts of existing power capacity; 10 Bitcoin mining, hosting, and managed services facilities; and five high performance computing data centers. As of the end of March, the company’s self-mined Bitcoin held in revenue stock stood at 9,102.
Market cap: C$905.57 million
Blockchain infrastructure firm Bitfarms is one of the largest cryptocurrency-mining operators in the Americas. The firm has 12 Bitcoin mining facilities across Canada, the US, Paraguay and Argentina.
Market cap: C$365.05 million
Mining digital assets such as Ethereum, Ethereum Classic and Bitcoin, HIVE Digital Technologies is a crypto mining company that operates mining facilities in Sweden, Canada and Iceland. The company was the first publicly traded cryptocurrency miner, listing on the TSX Venture Exchange in 2017.
This is an updated version of an article first published by the Investing News Network in 2018.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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