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Argo Blockchain, a Bitcoin miner, saw its stock rise as much as 14% on Monday after regaining Nasdaq listing compliance. This was due to a late-Dec. agreement with Galaxy Digital that saved it from bankruptcy. The recent rise in the price of Bitcoin also boosted the price.
Nasdaq notified Argo on Dec. 16 that its shares did not comply with exchange rules. The reason being its closing bid prices were below $1 for 30 consecutive days.
The miner has until June 12 of this year to reclaim its Nasdaq listing privileges. If not, it risks being delisted from the exchange.
Argo’s share price had fallen to $0.38 on Dec. 16 due to the crypto winter, FTX meltdown and rising energy costs. This made it a penny stock by the latter half of last year.
The firm was on verge of bankruptcy, but the Galaxy Digital agreement and the surge in Bitcoin prices enabled them to regain their listing. Argo is currently trading at $1.97.
What does the Argo rebound mean for the Bitcoin miner market as a whole? It may still be too early to tell as we stand on the verge of a bull run. However, Bitcoin signals suggest that the worst of the bear market may be over.
Will 2023 Be Bullish for Mining Stocks?
The cryptocurrency industry has been in the spotlight recently and for all the wrong reasons. FTX exchanged declared bankruptcy, rocking the market in Nov. The events unfolded after the largest exchange, Binance, withdrew its holdings of FTX’s FTT token.
This led to user panic and large scale run on deposits leaving the company unable to meet its payment obligations.
Cryptocurrency has had a storied, if not checkered, past. Once considered a fringe technology, it is now becoming a mainstream investment option. Numerous companies are now dedicated to mining Bitcoin.
These companies have made significant investments in hardware and software solutions to ensure they remain competitive within the industry. They also employ some of the most experienced miners who understand how to maximize their profits while minimizing their risks.
Investing in Bitcoin mining stocks can be a great way to gain exposure to the world of crypto. And more importantly, without the risks associated with holding and trading cryptocurrencies.
The Securities and Exchange Commission (SEC) is responsible for regulating crypto mining stocks. They can be traded easily on public exchanges through brokers or investment apps like any other stock.
This means that investors can benefit from the potential upside of investing in crypto without having to worry about the volatility and security risks associated with holding it directly.
Is Now the Time to Look at Bitcoin Mining Stocks?
Bitcoin mining stocks have been a popular investment option for those looking to capitalize on the cryptocurrency boom. However, with the recent crypto winter, these stocks have seen a significant drop in value from their highs of last year.
This means that investors need to be extra cautious when considering investing in Bitcoin mining stocks.
When evaluating whether Bitcoin mining stocks are a good investment, it is important to look at the company’s fundamentals and do your best to determine the true value of the mining company before investing. It is also important to consider how long you plan on holding onto the stock and what kind of return you expect from it.
With the end of crypto winter seemingly upon us, these companies could be well-poised to profit as the value of the asset they are mining rises. Therefore, if investors are willing to take on some risk and hold onto these investments for a longer period of time, then Bitcoin mining stocks may be a good investment option for the next bull market.
Top Bitcoin Mining Stocks for 2023
Bitfarms
Bitfarms is a leading Bitcoin mining company that has been in operation since 2017. With 50,000 miners and 10 operational farms across four countries, the company is well-positioned to take advantage of the growing demand for Bitcoin.
Bitfarms’ farms are powered by low-cost, hydroelectric energy, which gives them an edge over other companies in the industry that have been criticized for their lack of sustainability. The company’s proprietary software and innovative management team have enabled it to expand globally, making it one of the best Bitcoin mining stocks to invest in today.
In fact, Bitfarms was ranked as one of the best performing mining stocks with the smallest declines in 2022.
The company’s commitment to sustainability and its ability to stay ahead of industry trends make it an attractive option for investors looking for long-term growth potential. Bitfarms’ technology makes it a good choice for those looking to diversify their portfolios with cryptocurrency investments.
Bitfarms is positioned to become a major player in the crypto market in the coming years.
Canaan
Canaan is a technology company founded in 2013 that specializes in ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. “Super computing is what we do, social enrichment is why we do it,” the company’s vision states. Canaan has extensive experience in ASIC chip design and streamlined production.
Canaan’s success can be attributed to its commitment to innovation and staying ahead of the competition. Its advanced ASIC chips are designed for maximum efficiency and performance, allowing it to remain competitive even during times of market volatility. Additionally, Canaan’s focus on customer service and support ensures that miners receive timely assistance when needed. With these factors, Canaan is well-positioned to continue its success when we head into bull market territory.
HIVE Blockchain Technologies
HIVE Blockchain Technologies is a publicly traded crypto mining company that specializes in the mining of Bitcoin. The company was the first of its kind to be publicly traded, making it a pioneer in the industry. HIVE stands out from other crypto miners by using green energy sources such as hydroelectricity to power their operations. This makes them more environmentally friendly than traditional miners who rely on non-renewable sources of energy.
Analysts believe that HIVE may be significantly undervalued right now, which could lead to potential returns for investors within the next few months. This could be an ideal time for investors to get involved with HIVE Blockchain Technologies due to the low price point and potential for growth.
With their commitment to green energy and strong track record, HIVE looks like a promising investment opportunity for those looking to get into the crypto mining industry-especially for those who want to protect the environment.
Riot Platforms
Riot Platforms (formerly Riot Blockchain) has been on a steady rise in the stock market recently, thanks to a report that showed the quantity of Bitcoin mined was down 15% from this time last year.
This news has caused many analysts to consider Riot undervalued right now, as they believe there is great potential for growth in the future.
The company’s focus on blockchain technology and its commitment to developing innovative solutions have made it an attractive option for investors.
Riot has also been investing heavily in research and development, which could lead to further advancements in the industry. With its current momentum, Riot Platforms looks set to continue its upward trajectory and become one of the top players in the cryptocurrency space. The current price of Riot Platforms is $6.23
Hut 8
Hut 8 is a publicly-traded Bitcoin mining company that operates large-scale mining facilities in North America. The company was founded in 2017 and is based in Canada.
Hut 8 utilizs advanced mining technology and infrastructure to mine Bitcoin and other cryptocurrencies. The company operates mining facilities in Alberta and Ontario, Canada, and has plans to expand its operations to other regions in the future.
It has committed to sustainable mining practices and focuses on providing low-cost, efficient mining services to customers. It also offers crypto-asset management services to institutional and individual investors.
Bletchley Park, in wartime Britain, inspired the naming of Hut 8. It was here that Alan Turing created the Bombe, a machine that could quickly crack the Enigma code and intercept enemy communications during World War II.
Argo Blockchain
Argo Blockchain is a Bitcoin technology and mining company based in the United Kingdom. The company operates large-scale mining facilities that utilize advanced technology and infrastructure to mine Bitcoin and other cryptocurrencies.
Argo Blockchain was founded in 2017 and is one of the largest publicly-listed Bitcoin mining companies. The company’s mission is to make Bitcoin mining accessible to individuals and institutions of all sizes.
To achieve this, it offers a range of mining solutions, such as cloud-based mining contracts, and custom-built mining rigs. Argo Blockchain is committed to sustainable mining practices and transparency, and it is continuously expanding its operations globally.
Argo is also the only Bitcoin mining operation that also features an online company store where you can buy everything from coffee mugs to hoodies. Those so inclined can show their support for Argo and Bitcoin.
Stronghold Digital Mining
Stronghold specializes in the operation and management of large-scale mining facilities. The company’s mission is to provide reliable, low-cost mining services to customers by utilizing advanced mining technology and infrastructure.
Stronghold operates mining facilities in various locations around the world and is committed to sustainable mining practices. It also provides mining hardware and equipment to clients and offer co-location services. Additionally, the company is involved in the development of blockchain-based applications and services.
With only 375 Twitter followers and no posts since Oct. 2021, Stronghold would do well to rethink their digital media strategy.