Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin
While shares in Riot Blockchain and Hive Blockchain eclipse Bitcoin’s YTD gains, other mining firms have not fared so well — with Canaan crashing nearly 70%.
The share price of Bitcoin (BTC) mining firms Riot Blockchain and Hive Blockchain has produced enormous year-to-date (YTD) gains, with stock in Riot nearly doubling while Hive tripled over 2020 so far.
However, not all mining firms have fared well throughout the COVID-19 pandemic, with Canaan’s stock falling nearly 70% since early January, and both Hut 8 and DMG Blockchain seeing scant YTD gains despite experiencing significant volatility this year.
Mining firms outperform Bitcoin
While Bitcoin is up more than 26% from roughly $7,200 to $9,100 since the start of the year, the leading cryptocurrency’s gains have been dramatically overshadowed by a handful of firms mining it.
Hive Blockchain has seen a dramatic performance this year, rallying more than 420% from the start of 2020 until mid-Feb, from $0.066 to $0.345.
Coin Telegraph - 3rd Jul 09:07