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.