3 Canadian crypto stocks to add to your portfolio in 2021

Highlights 

  • Canadian equities market offers a variety of crypto stocks. 
  • Bitfarms provides power to cryptocurrency networks like Bitcoin, Ethereum, Dash and Litecoin. 
  • Stocks of Hive Blockchain Technologies jumped 7.9 per cent during the trading session on October 19 and closed at C$ 4.49 per share. 

Cryptocurrencies are becoming increasingly popular and acceptable across the world. Also, as blockchain technology continues to evolve rapidly, investors may find it hard to resist investing in the crypto industry.  

Although buying cryptocurrencies is no more difficult, crypto stocks could also gain momentum as an investor can sell and buy them in the stock market. That said, let us explore a few Canadian crypto stocks that could help secure gains in future.

Bitfarms Ltd. (TSXV:BITF)

The Toronto-based operator of blockchain computing centers plays a role in powering the global decentralized financial economy. Bitfarms provides power to cryptocurrency networks like Bitcoin, Ethereum, Dash and Litecoin. 

The company earns fees from each cryptocurrency network, and it recently signed a contract and commenced construction of a 210-Megawatt Facility for crypto mining operations.

This facility will be built in Argentina and expects to accommodate more than 55,000 miners upon completion. Bitfarms hopes to achieve the target of 8 exahash per second by the end of 2022. 

Also Read: Is Rocket Bunny crypto real and is it a safe investment?

In the third quarter of 2021, Bitfarms' Bitcoin production increased by 38 per cent quarter-over-quarter (QoQ) to 1,050 Bitcoins. At market close on Tuesday, October 19, BITF shares were priced at C$ 6.98 apiece, 0.7 per cent higher than the previous close.

Hut 8 Mining Corp. (TSX:HUT)

The Toronto Stock Exchange-listed cryptocurrency company is a digital asset miner in North America and is in Alberta. In September 2021, Hut 8 Mining closed its offering worth US$ 173 million. 

The company will use the funds from gross proceeds to fund capital investments in digital assets and purchase mining devices to increase production.

Crypto stocks in Canada

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In September this year, Hut 8 mined 264 Bitcoin, representing an average production of 9.11 Bitcoin per day. As of September 30, 2021, the company's total Bitcoin balance held in reserve was 4,724. 

HUT shares closed at C$ 14.84 per share on October 19. 

Hive Blockchain Technologies Ltd. (TSXV:HIVE)

Stocks of Hive Blockchain Technologies jumped 7.9 per cent during the trading session on October 19 and closed at C$ 4.49 per share. 

Investors have been paying attention to the stock as the cryptocurrency market seems to have bounced back from the negative impact of China's crackdown on the industry. In addition, the solid financial performance of Hive Blockchain Technologies could be another reason for the price surge. 

Also Read: What is UMA crypto? Here's what you must know about the digital coin

In the first quarter of fiscal 2022, Hive achieved a record quarterly revenue of US$ 37.2 million and earnings of US$ 18.6 million.

Bottom line

Investing in crypto stocks could be an option for people looking to diversify their portfolio investments. However, it is essential to research before making investment decisions. 

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