Are These Mining Stocks On Your Radar Right Now?
Normally when we write about the top mining stocks to watch, we are referring to traditional mining stocks. These are mining stocks that are related to precious metals such as gold and silver. Many investors only pay attention to these mining stocks, but the truth is that there are many other types of mining stocks as well. One sector particularly of mining stocks has been exploding in recent times. Of course, we are referring to mining stocks that are related to crypto mining. Some investors have referred to crypto as the “new gold”. Cryptocurrency has been around for more than a decade but has grown in popularity every year since its conception.
Crypto Boom Brings Up Mining Stocks
Recently, the largest cryptocurrency Bitcoin, just reached a new record high in price. It was already a surprise last week when Bitcoin shot above $20,000 for the first time in its history. Then on December 19th, the cryptocurrency went above and beyond, briefly touching $24,000 per BTC for a moment. Other cryptocurrencies sometimes will move in tandem with Bitcoin, rising up or falling down when BTC does. At the end of last week, Tesla and SpaceX founder Elon Musk tweeted out about Bitcoin. One of his tweets was a meme that suggested that Bitcoin interests him.
A large bitcoin supporter, Michael Saylor responded, “If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to BTC. Other firms on the S&P 500 would follow. Your lead & in time it would grow to become a $1 trillion favor.” This seemed to interest Musk, who then inquired in response, “Are such large transactions even possible?”
This exchange was interesting for crypto investors as it brings more light to the possibilities of using cryptocurrency. Other public figures have been involved with Bitcoin as well, such as Maryland hip hop artist Logic stating he invested $6 million into Bitcoin back in November 2020. So now we are going to focus on some mining stocks that are related to cryptocurrency. Let’s see which crypto mining stocks you may like if you like Bitcoin.
Top Mining Stocks To Watch: Marathon Patent Group Inc.
The first company on this list of crypto mining stocks is Marathon Patent Group Inc. (MARA Stock Report). Marathon is a digital asset company that has a primary focus on mining cryptocurrency. The company owns crypto mining machines and a data center for mining. This property and operations are executed in Quebec, Canada. Let’s look at what the company has been up to in recent history.
On December 9th, the company purchased 10,000 additional S-19j pro ASIC Miners from Bitmain. Marathon also announced plans to open a second data center. Once completed, the company’s mining portfolio will have 33,560 ASIC miners in total that generate 3.56 EH/s. As for the future, the CEO Merrick Okamoto stated, “We are now looking forward to our next phase of growth as we build out our second data center. The new facility will be powered primarily by clean, renewable power, which is not only cost-effective, but will also allow us to lower our carbon footprint.”
As crypto prices rise, so does MARA stock price. As of December 21st, it is at $11.35, up 21%.
Top Mining Stocks To Watch: CleanSpark Inc.
CleanSpark (CLSK Stock Report) is an energy software and control technology based corporation. The company allows for people to design, engineer, communicate, and manage renewable energy generation, storage, and consumption. The company additionally has Bitcoin mining operations as well. Let’s see what the company has been up to in recent history.
On December 18th the company gave an update on its Bitcoin mining operations and expansion. CleanSpark expects to increase its Bitcoin production and lower its total energy expense which would maximize profitability. Since the company has acquired ATL Data Center LLC, it has acquired 10 Bitcoins. As you know Bitcoin has varied in price from $18,279 on the acquisition day to as high as $24,000. The CEO Zachary Bradford said, ATL has continued mining without significant interruption during integration of our teams and the ability to quickly procure additional miners immediately increased our capacity.
Top Mining Stocks To Watch: Advanced Micro Devices
The next mining stock to watch is Advanced Micro Devices (AMD Stock Report). Advanced Micro Devices creates processors, motherboards, graphics cards, and much more for computers. It has grown to be one of the industry leaders to this day. AMD additionally lends hardware to popular gaming consoles, the PlayStation and the Xbox.[Read More] Which Mining Stocks May Pull Ahead As Vaccines Are Shipped?
In recent news the company launched its new Ryzen CPUs and GPUs as well. Its GPUs are important because they will most likely be used for crypto mining. AMD has significantly caught up to its competitor NVIDIA with its new set of graphics cards. AMD stock also recently achieved a new record high of above $97 a share on average.
Top Mining Stocks To Watch: NVIDIA Corporation
The last mining stock to watch is NVIDIA Corporation (NVDA Stock Report). NVIDIA is a tech company that focuses on making computer components. Primarily, NVIDIA makes Graphics Processing Units or GPUs. Its GPUs are used in things like Bitcoin mining, gaming, video editing, and more. Now let’s see what NVIDIA has been up to recently
Just a few months ago, NVIDIA released its 30 series set of graphics cards. This included the 3080 and the 3090 which are the top of the line. Then a few months after it released the 3070, and now the 3060Ti. These graphics cards can be used for mining cryptocurrency. This may be attributed to why these GPU units sold out in seconds and are still hard to get at the moment. This has been a great success for NVIDIA which shows in its stock price. NVDA stock is at $532 a share on average as of December 21st. At the start of 2020, NVDA stock was. At $239 a share on average. The fact that the company is able to sell out all of its products is very good, and crypto mining companies that use the GPUs will have more computing power now.
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