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On Monday, May 24, Tesla CEO Elon Musk stunned the cryptocurrency community when he introduced a “green” mining plan that he shared with North America’s leading crypto miners. He said that he wants Bitcoin mining operators to create common renewable energy usage to tackle rising environmental concerns.
This development comes as Canadian crypto mining firms are exploring green energy options to power their graphics processing units (GPUs).
Notably, the stocks of these crypto firms have returned from three-digit to four-digit growth in the past one year.
Here’s the analysis of three such skyrocketing crypto stocks to explore this year.
Hut 8 Mining Corp (TSX:HUT)
The crypto-mining company hired a new head, Ronnie Yu, as its sustainability officer in the first quarter of 2021. Hut 8 Mining is likely to come out with its green mining initiative this year. In other developments, the mining operator partnered with US-based block miner Luxor Technology Corporation to accelerate Ethereum’s block creation.
Hut 8 Mining’s stock soared 233 per cent to C$ 5.13 apiece in one year, surpassing the S&P/TSX Application Software Index.
However, it has dropped by around 46 per cent as compared to its record high of C$ 15.9 apiece (February 22, 2021), led by the crypto rally. Hut 8 scrip 47 per cent year-to-date (YTD).
Hut 8 held US$ 164 million worth of Bitcoins in Q1 2021. It has deposited 1,000 tokens of the biggest cryptocurrency with Genesis to earn four per cent interest per annum.
Hive Blockchain Technologies Ltd (TSXV:HIVE)
The Vancouver-based blockchain operator’s stock zoomed around 719 per cent in the past one year. The share rose 27 per cent YTD, but declined 58 per cent against its 52-week high of C$ 58.21 apiece (February 19, 2021).
Stocks of HIVE have been impacted by the recent crypto crash and tumbled 36 per cent month-to-date (MTD). However, it has started rebounding, jumping 6.7 per cent on Tuesday.
The company’s bottom line was up 174 per cent YoY to US$ 13.7 million, led by the crypto operations, in Q3 FY21.
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Galaxy Digital Holdings Ltd (TSX:GLXY)
Stocks of the blockchain service provider and crypto fund manager rose 8.52 per cent on Tuesday, recording a trading volume of 1.73 million. The scrip rocketed by nearly 1,299 per cent in the past one year, propelled by the crypto-boom due to mainstream acceptance.
Galaxy stocks also improved 83.5 per cent YTD, surpassing the S&P/TSX 300 Composite index in the same period.
Galaxy Digital witnessed a significant uptrend of 1,526 per cent from its 52-week low of C$ 1.23 apiece.
The company also operates in institutional custody, cybersecurity and surveillance, brokerage services platforms, etc.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
