Not too long ago stocks of Bitcoin mining companies had been down in the dumps and had hit their lowest levels in 2022 so far. The crash in the price of Bitcoin had proven to be a body blow for the industry since at the end of the day the price of the world’s biggest cryptocurrency is intimately linked to the wellbeing of the business.
The Bitcoin tokens that they mine are part of their balance sheets and hence, it can be easily gauged how important it is for Bitcoin mining companies for the price of the token to go up.
That being said, it is also important for investors to keep in mind that the long-term outlook for Bitcoin and the overall cryptocurrency market remains bullish among most.
The Global Head of Equity Strategies at the firm Jeffries, Christopher Wood, recently spoke about the long-term future of the cryptocurrency space. While he noted that the wider cryptocurrency may have a vulnerable class of assets, he noted that such a state of affairs is going to help in the growth of Bitcoin. On that note, here is a look at three Bitcoin mining stocks that you could consider tracking.
The Graystone Company (OTCMKTS:GYST) entered the bitcoin mining industry with a bang. Starting its mining operations on September 15th of last year, the company has already reported $176,926 in revenues. Now is the time to research this company because its Jan. 27th press signals major 2022 earnings potential. GYST may have a higher EPS than top BTC miners MARA, GREE, and BTCM by year’s end. Trading near $0.02 now, most investors are unaware of this fast-growing bitcoin miner, start your research today.
CleanSpark Inc (NASDAQ:CLSK): The first Bitcoin mining company to consider tracking at this point is CleanSpark Inc. The company is primarily involved in providing energy and Bitcoin mining technology solutions all over the world. It should however be noted that CleanSpark operates two units in total. One of the energy units and the other is the digital currency unit. It is the Digital Currency unit that is involved in the mining of Bitcoin tokens.
The energy unit works separately. Last week the company had come into focus after it announced its unaudited Bitcoin production details for the month of January 2022. The company announced that it had produced as many as 302 Bitcoin tokens during the month and that took the total Bitcoin holdings with the company at the end of the period to 471. It was a significant announcement and it is going to be interesting to see if investors flock to the CleanSpark stock in the coming days or not.
On Tuesday, CLSK stock went up $0.44 or 6.21% to close at $7.52 with more than 3.39 million shares traded hands, well above its average volume of 1.91 million shares. The stock has lost 66% in the past quarter. The stock is trading above 37% from its 52-week low and 81% away from its 52-week high.
Stronghold Digital Mining Inc (NASDAQ:SDIG): The second Bitcoin mining stock that could be looked into at this point is that of Stronghold Digital Mining. It is currently one of the few vertically integrated Bitcoin mining companies in the industry and is particularly focused on mining Bitcoin in an environmentally safe way.
Back on January 6, the company announced that it had managed to exceed 1.3 EH/s in the form of total hash rate capacity and had even received the delivery of as many as 14000 miners up until that time. It is interesting to note that as many as 8700 of those miners had been received by the company in the five weeks preceding January 6. It is currently one of the more notable Bitcoin miners in the industry and it may be a good idea to keep track of Stronghold Digital Mining.
On Tuesday, SDIG stock went up $0.46 or 4.77% to close at $10.11 with more than 418k shares traded hands, well above its average volume of 572K shares. The stock has lost 62% in the past quarter. The stock is trading above 39% from its 52-week low and 72% away from its 52-week high.
Riot Blockchain Inc. (NASDAQ:RIOT) is another miner which has garnered popularity over the past 3 years. After moving up sharply early last year, the stock has been pulling back. In fact the stock has lost 55% over the past year. The stock is trading above 47% from its 52-week low and 77% away from its 52-week high.
Riot Blockchain, Inc., together with its subsidiaries, focuses on cryptocurrency mining operation in North America. The company primarily focuses on bitcoin mining. As of December 31, 2020, it operated a fleet of 7,043 miners.
Marathon Digital Holdings Inc (NASDAQ:MARA): Last but certainly not least, it is Marathon Digital Holdings Inc that could be on the watch list of investors who are looking into Bitcoin Mining stocks at this point in time. It is a pure-play digital asset technology company and is involved in the production of a variety of digital assets which can strengthen the ecosystem.
Yesterday, the company was actually in the news after it announced that it had appointed Raymond Wallintukan as the vice president of mining operations. It was a significant announcement and one that could provide a long-term boost to Marathon.
On Tuesday, MARA stock went up $0.75 or 2.95% to close at $26.33 with more than 12.74 million shares traded hands, compared to its average volume of 13.58 million shares. The stock has lost 65% in the past quarter. The stock is trading above 43% from its 52-week low and 67% away from its 52-week high.