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Bitcoin has paced up to the value of US$ 55,000 per token after tumbling below its support level of US$ 50,000 apiece on Friday, April 23. This recovery came on the back of JPMorgan’s report allowing its clients to invest in the cryptocurrency market as early as this summer.
In the wake of bitcoin’s fresh price rally, Toronto Stock Exchange (TSX)-listed blockchain and crypto mining stocks also rebounded with a double-digit rise on Monday, April 26. For some of them, the surge continued on Tuesday morning as well.
So, let’s explore three Canadian crypto-mining stocks and take a look at virtual coins’ price performances.
Bitfarms Ltd (TSXV:BITF)
Bitfarms Ltd, a crypto farm firm, engages in the decentralization of financing and mines Bitcoin, Ethereum, XRP, etc. Its stock price recovered by almost 20 per cent to C$ 5.37 apiece on Monday. On Tuesday morning, it was up by over five per cent to C$ 5.64 (9.39AM EST).
The cryptocurrency cultivator swelled by almost 996 per cent in the last one year and registered a return of nearly 115 per cent this year. However, it has plunged by nearly 43 per cent from its all-time high share price of C$ 9.3 (February 22, 2021).
The company announced on Monday that it is planning to double its power capacity in the Quebec region to increase its crypto mining speed on the back of the unprecedented digital currency trading across Canada.
©Kalkine Group 2021
Hut 8 Mining Corp (TSX:HUT)
One of the crypto-mining pioneers of Canada, Hut 8 named Ronnie Yu as its new sustainability head on Monday. Its stock advanced by nearly 15 per cent to close at C$ 7.53 apiece on April 26.
At the end of last month, the company entered a partnership with US-based mining operator Luxor Technology Corporation to boost its Ethereum generation speed.
Hut 8 Mining surpassed the S&P/TSX Application Software Index and grew by about 746 per cent in the past year. It has delivered almost 116 per cent year-to-date (YTD). However, Hut 8 share price is still trailing by nearly 53 per cent against its 52-week high of C$ 15.9 apiece (February 22, 2021).
It holds bitcoins worth over US$ 164 million on its balance sheet, including 1,000 tokens of the largest cryptocurrency that earns four per cent interest annually through its Genesis saving account.
Crypto Coin Symbols. Source: Pixabay
Hive Blockchain Technologies Ltd (TSXV:HIVE)
The capital market company develops decentralized finance (DeFi)-focused applications through the Ethereum network. Hive stock increased by over 11 per cent to C$ 3.95 apiece on Monday after trading some 2.9 million shares.
The stock rose 1,174 per cent in the last one year and gained over 62 per cent in 2021. However, it has not come out from its short-term bearish trade and declined by nearly 19 per cent month-to-date (MTD).
The Vancouver-based crypto miner recorded a crypto operation profit of US$ 13.7 million in the third fiscal quarter of 2020, noting a 174 per cent year-year-over-year rise (YoY).
At the end of March 2021, its crypto-asset was worth nearly US$ 60 million and it held US$ 36 million in cash.
