Interest in Bitcoin mining is exploding worldwide. Miners are discovering innovative ways to utilize stranded energy in remote locations to mine bitcoin and other cryptocurrencies. Some of these mining operations are now publicly traded on major stock exchanges and offer investors the opportunity to invest in large scale mining companies. Here's our list of the key players in the space for 2021:
(As of March 17, 2021)
1. Hut 8 Mining Corp
Amount of bitcoin held: 3,012 BTC
Market cap: $1,199,957,355
Profile: A company that mines cryptocurrencies at an industrial scale and operates in Canada. Hut 8 has the luxury of consulting other mining start ups if they wish to lend out their expertise for large investors. With Hut 8’s early mover advantage and ideal facilities, they will have a massive advantage over new miners entering the space.
2. Riot Blockchain, Inc.
Amount of bitcoin held: 1,175 BTC
Market cap: $3,847,859,369
Profile: A Bitcoin mining company that is nearly 100% reliant on the price of Bitcoin despite only having about 3% of their assets in the currency. Riot Blockchain Inc aims to be one of the largest and low-cost Bitcoin miners in North America. Riot has also placed itself in a formidable position that would be hard to catch up to for any new entrants who are considering to mine Bitcoin.
3. Bitfarms Limited
Amount of bitcoin held: 250 BTC
Market cap: $670,893,320
Profile: A blockchain infrastructures company that mines cryptocurrencies in North America. With two main segments of operations, Bitfarms focuses on the mining and validation of Bitcoin. The second segment’s primary function is to mine altcoins that are deemed undervalued. Investors may be interested in having exposure to a mining operation that mines a diversified portfolio of cryptocurrencies.
4. Argo Blockchain PLC
Amount of bitcoin held: 599 BTC
Market cap: $909,546,271
Profile: Argo is a London based company that was founded in 2017 that engages in crypto mining operations worldwide. The company had most of its infrastructure established during the bear market of 2018 to 2019 when a lot of competitors were unprofitable. With Argo’s perfect timing and growing expansion of operations in the UK, Argo is an excellent choice for gaining exposure to Bitcoin.
5. Hive Blockchain
Amount of bitcoin held: 140 BTC
Market cap: $1,626,530,113
Profile: Hive is a Canadian cryptocurrency mining company that also operates in Sweden and Iceland to buy and sell cryptocurrencies. By strategically choosing these colder locations, they are able to keep energy costs lower than competitors located in warmer climates.