Crypto Mining Stocks: The Success of Crypto Mining Stocks
Cryptocurrency mining stocks showed outstanding performance last week, ranging from a substantial 38% gain to a remarkable 101% gain Month-to-Date (MTD).
Stocks like RIOT, HIVE, BITF & MARA, specializing in cryptocurrency mining, are profiting from reduced energy costs and Bitcoin’s bullish surge above $20K USD.
Cryptocurrency mining stocks experienced significant sell-offs during the bear market due to a dual challenge – soaring global energy expenses and an 80% decline in BTC’s price, pushing several mining companies towards potential liquidation.
However, MARA (Marathon Digital Holdings) recorded an enormous volume of 78M on Friday last week, surpassing the daily average of 20.96M. The volume surged over 376% from its daily average, coupled with the stock price climbing over 100% MTD, suggesting investors are returning to these speculative stocks that move in tandem with the cryptocurrency market.
These are the four cryptocurrency mining stocks on my watchlist for 2023!
I highlighted a purchase I made in RIOT on December 1st in the Trading Floor. RIOT is presently up approximately 40% since that post.
Conclusion:
The recent surge in crypto mining stocks highlights the growing confidence in Bitcoin mining in Australia and the potential for substantial returns. However, to truly capitalize on this opportunity, having the right strategy and infrastructure is key. Whether you’re considering investing in mining stocks or setting up your own operation, choosing reliable miner hosting and using efficient ASIC miners can make a significant difference in profitability.
To help you maximize your earnings, leverage our crypto profitability calculator to assess potential returns and make data-driven investment decisions. But why stop there? Get expert guidance tailored to your needs with a free 30-minute consultation at Mining Store. Our specialists will walk you through everything from ASIC miner selection to hosting solutions, ensuring you optimize your mining setup for long-term success.
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Wishing you success in the markets.
Tony Fernandez
Head Market Analyst
