Mining stocks jump sharply in 2020

In recent weeks, the cryptocurrency space has been at the epicenter of explosive growth, which has caused a take-offshares 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%.

The capitalization of HIVE Blockchain Technologies Ltd, which is mainly engaged in Ethereum mining, has grown by as much as 400% over the past month.  The gross profit margin of HIVE's mining operations also grew by 71% year-on-year in the last reported 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.

Subscribe to ForkNews on Telegram to stay up to date with the latest news from the world of cryptocurrencies