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Leading the way of the crypto mining stocks to buy is Riot Blockchain, which is based in Castle Rock, Colorado, and was founded in 2000. Its stock has a market capitalization of more than $1 billion. Its stock price surged from $1.49 in January 2020 to top $16 per share in late December 2020.
The company is investing in its bitcoin mining business expansion heavily as it announced “an expected 65% increase in bitcoin mining hash rate capacity resulting from the purchase and future deployment of 15,000 S19 Pro and S19j Pro Antminers from Bitmain Technologies Limited.”
Riot Blockchain and its stock could benefit from future expansion and upgrading mining operations. The company is unprofitable for the past three years and an increase in bitcoin price could be a key catalyst for profitability.
Bitcoin Miners Earn Over $1 Million per Hour â Revenue Increases 185% Since the 2020 Halving
Bitcoin miners have been yielding a very profitable year in monthly revenues, as the latest onchain data shows significant figures at its highest levels since 2019.
Hourly Bitcoin Mining Revenues Hits 2019 Highs
According to Glassnode, BTC miners are currently earning $1 million per hour, meaning an increase of 185% since the halving happened in mid-May when the bitcoin network cut the number of BTC that miners earn for processing transactions in half.
The last time miner’s revenue was hovering around such highs was in July 2019, stated Glassnode, adding that “block rewards were twice as high than today.”
Cryptocurrency-linked stocks rose Wednesday as Bitcoin headed for its biggest monthly gain since 2019, extending a rally that’s seen some companies’ shares more than quintuple since the end of October.
Marathon Patent Group Inc., which has soared 444% over the past two months, added another 4.4% Wednesday. Riot Blockchain Inc. rose as much as 7.1% Wednesday after gaining 383% since Oct. 30. And Bit Digital Inc., which surged 81% on Monday alone, jumped another 31%.
Canadian-listed Hive Blockchain Technologies gained as much as 6% early Wednesday, with shares nearly doubling since the start of December. Also, Mike Novogratz’s Galaxy Digital Holdings rose another 3.4%, pushing the shares more than 60% higher since the start of the month.
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VANCOUVER, BC / ACCESSWIRE / December 24, 2020 / HIVE Blockchain Technologies Ltd. (TSX.V:HIVE)(OTCQX:HVBTF)(FSE:HBF) (the "Company" or "HIVE") is pleased to announce, subject to regulatory approval, that