Three Blockchain Stocks to Buy and Hold: January 2024
Explore the top blockchain stocks that are revolutionizing the cryptocurrency market and traditional stock markets alike.
The world of blockchain and cryptocurrencies is constantly evolving, with new opportunities and innovations emerging every day. While most people associate this space with digital currencies like Bitcoin, there is a whole ecosystem of companies that play a crucial role in making blockchain technology work. In this article, we will explore three blockchain stocks that are worth considering for long-term investment. These companies not only mine cryptocurrencies but also contribute to the development and expansion of the blockchain infrastructure. Let’s dive in and discover the potential of Riot Platforms, HIVE Digital Technologies, and Cipher Mining.
Riot Platforms (RIOT):
Riot Platforms (NASDAQ:RIOT) is a prominent player in the blockchain industry, particularly in Bitcoin mining. The company’s financial performance has been impressive, thanks to the surge in Bitcoin’s value. In the last fiscal year, Riot Platforms generated a total revenue of $51.9 million, driven by a 6% increase in Bitcoin production. The company mined approximately 1,106 BTC, with an average mining cost of -$6,141, indicating a significant profit margin.
What sets Riot Platforms apart is its commitment to expansion. The Corsicana facility, one of its mining sites, is already operational, and the company plans to have the first building fully functional by the end of Q1 2024. This strategic move ensures that Riot Platforms remains at the forefront of Bitcoin mining, securing its position as a leading blockchain stock.
HIVE Digital Technologies (HIVE):
HIVE Digital Technologies (NASDAQ:HIVE) is not just a cryptocurrency mining company; it is also known for its data center operations and expertise in GPU computing technology. In December, HIVE achieved remarkable results in its mining operations, producing 282.8 Bitcoins, contributing 1% to the global network. This impressive performance is attributed to their focus on sustainability and efficient GPU computing.
In addition to their mining success, HIVE demonstrated its commitment to retaining digital assets by stockpiling 1,707 BTC, an increase of 80 BTC from the previous month. Looking ahead, HIVE has plans to acquire 96 Nvidia GPUs to enhance its high-performance computing and AI capabilities. This strategic move positions HIVE as a strong player in the blockchain industry, ready to capitalize on future opportunities.
Cipher Mining (CIFR):
Cipher Mining (NASDAQ:CIFR) is a company that goes beyond validating and recording Bitcoin transactions. Recently, they completed the installation of their mining infrastructure in Odessa, adding an impressive 7.2 EH/s of auto-mining capacity across four data centers. This expansion demonstrates Cipher Mining’s dedication to pushing boundaries and scaling their operations.
To further strengthen their mining capabilities, Cipher Mining made a strategic investment by purchasing 1.2 EH/s of Bitmain S21 equipment at a reasonable price. This investment showcases their commitment to future profitability and their confidence in the growth of the blockchain industry. Additionally, Cipher Mining’s joint ventures secured a deal with Canaan to acquire 16,700 Avalon A1466 miners, further solidifying their position as a key player in the blockchain market.
Conclusion:
As the blockchain and cryptocurrency markets continue to evolve, investing in blockchain stocks can be a lucrative long-term strategy. Riot Platforms, HIVE Digital Technologies, and Cipher Mining are three companies that stand out in this space. Their strong financial performance, commitment to expansion, and strategic investments make them attractive options for investors looking to capitalize on the growth of the blockchain industry. By carefully considering these stocks, investors can position themselves to benefit from the ongoing revolution in blockchain technology.