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If you are wondering if bitcoin mining stocks are worth the risk, here are a few things to consider. If Bitcoin is recovering to $70,000 by 2021, this could be a great boost for the mining sector. However, if the cryptocurrency stays low, investors may be skeptical of the profitability of mining. So, what are the benefits of bitcoin mining stocks? Let’s look at a few companies and their recent news.
RIOT: This newly public company earned $3,812 worth of Bitcoins in January. Its total holdings are now 6,373 coins. It reported $43 million in raw production in January. It has $250 million in coins on its balance sheet. RIOT shares should be a good buy now before the bulls return to Wall Street. RIOT has a long-term growth story and can be a great way to get into the crypto mining industry.
GameStop’s stock has become a popular bet on Bitcoin. This trend has helped bitcoin miners attract new interest. One of these forces is the WallStreetBets message board on Reddit. This is where investors post their speculations on bitcoin miners. This message board has been fueling a mania over the digital currency and is part of the Reddit community. However, it is important to remember that Bitcoin mining is a high-risk investment.
While cryptocurrency mining stocks are volatile, they are enjoying rapid growth in a maturing industry. In particular, Castle Rock, Colorado-based Riot Blockchain is one of the largest cryptocurrency mining companies. It has 4,884 Bitcoin on its balance sheet and has been growing at an impressive rate. The company recently announced a 1,665% revenue growth in 2021, a year-over-year increase to $213.2 million. The company generated $184.4 million in revenue for the year.
Bitcoin mining profitability at industrial scale remains healthy, with an average gross margin of 70%. One of my top picks in the space is Hut 8 Mining (HUT), which has a combination of diversification and scale. Hut 8 Mining traded around $6 on Friday, with a $11 target on the Nasdaq exchange. This pure Bitcoin play is expected to continue growing. As the price of Bitcoin rises, so does the difficulty of mining. As more miners are attracted to the network, the hash rate increases.
Buying Bitcoin with the hope that its price will increase is a dangerous idea. Even though the market is still young, analysts believe it has great potential, but are bitcoin mining stocks a good investment? You’ll be ahead of the majority of investors, but don’t make the mistake of thinking they’re a good investment. This is a huge mistake. This is one of the dumbest bets in the space.
Another company to invest in is Silvergate Capital. This company is a holding company for Silvergate Bank, which provides financial services for digital currencies. Their shares broke out of their loose cup-and-handle base in late October and recently sold off. The stock currently has a 93 Composite Rating, and an EPS rating of 98. If you’re interested in this stock, keep your eye out for it.