It would appear cryptocurrency is here to stay. For those ready to diversify by adding stocks to their portfolio, Bitcoin and cryptocurrency mining firms may be a great buy. These firms are directly engaged with the rise of Bitcoin and stand to gain quite a bit of financial reward as cryptocurrencies become more popular and are adopted across more platforms and industries.
Smaller firms in this space have a great deal of upside. Currently priced at under $5, stocks like The Graystone Company (OTCMKTS:GYST) can be great buys for investors looking to get in on the ground floor of crypto mining.
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.
BIT Mining Ltd – ADR (NYSE:BTCM) stock has been under selling pressure over the past few sessions with a fall of 65% in the past month.
Last month, the company announced its progress in the construction and buildout of its Ohio mining site in North America; in collaboration with its partner, the company has achieved 50 MW of power capacity at the Ohio mining site.
Cipher Mining Inc (NASDAQ:CIFR) stock has been witnessing severe selling over the past few weeks with a fall of 75% in the past 6-month. The stock made a new 52-week low recently. The company is all set to provide business update and release its fourth quarter 2021 financial results before U.S. markets open on Friday, March 4, 2022.
Cipher is an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure.
Bitfarms Ltd (NASDAQ:BITF): With the commencement of operations in January at its 10 MW farm in Paraguay, Bitfarms boosted total farms in production from six to seven and total capacity to 116 MW (+9% from prior 106 MW). For January, the company achieved 2.3 EH/s (effective Jan.23), which is up 100 petahash per second from December 2021.
The company mined 301 new BTC (+51% from year ago month); 9.5+ BTC mined daily on average which is equivalent to ~$365,900/day and ~$11.4M for the month.
Bit Digital Inc (NASDAQ:BTBT): Another crypto stock that performed poorly yesterday was that of Bit Digital. Although the crypto market had performed strongly yesterday, Bit Digital saw its stock tank by as much as 8% at one point yesterday.
In this context, it ought to be noted that the stock is down by as much as 27% over the course of the past month. Yesterday, the company made one of its filings with the United States Securities and Exchange Commission public, in which it was noted that selling shareholders could sell as many as 23.6 million shares in Bit Digital to institutional investors.