January 23, 2021

Mining stocks jump sharply in 2020

Mining stocks jump sharply in 2020

In recent weeks, the cryptocurrency space has been at the epicenter of explosive growth, which has sparked a surge stock quotes of mining companies by 500% in December alone.

The trajectory of the movement of shares of mining companies ingenerally reflects the price behavior of the first cryptocurrency. Over the year, MTC has added 280% to the price, 165% more since September. In parallel, after the May halving, the profitability of Bitcoin mining increased by 185%.

Capitalization of HIVE BlockchainTechnologies Ltd, which mainly mines Ethereum, has grown by as much as 400% over the past month. HIVE mining gross profit also grew 71% year on year in the most recent reporting quarter.

Nasdaq listed mining companyBitcoin's Riot Blockchain (RIOT) reached a market capitalization of $ 1.08 billion following a nearly 13% rise in share value. In total, in 2020, the company's shares rose by more than 1250%. Riot has actively expanded the scale and sophistication of its cryptocurrency mining operations this year, including a planned pilot project in Texas to test submerged water cooling technology, as well as the purchase of over 31,000 new ASIC mining machines.

Marathon Patent Group, one of the largest corporate BTC mining companies in North America, posted a 400% share gain to a record high on December 22nd.

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