Quantcast
2 Crypto Mining Stocks Wall Street Predicts Will Double

2 Crypto Mining Stocks Wall Street Predicts Will Double

Posted On December 30, 2021 2:20 pm
By:

Cryptocurrencies have gained prominence over the past year. Popular cryptocurrencies, such as Bitcoin and Ethereum, have helped several investors earn massive profits. According to The Block Research report, Bitcoin miners generated more than $15 billion in revenue in 2021, representing a 206% year-over-year rise.

On November 12, AMC Entertainment Holdings, Inc. (AMC) CEO Adam Aron tweeted that AMC will start accepting cryptocurrencies Litecoin, Bitcoin, and Ethereum for online payments. With various cryptocurrencies finding acceptance as a mode of payment and as a store of value, the demand for cryptocurrency is expected to surge. This would likely benefit the crypto mining industry too. According to a Market Reports World report, the global cryptocurrency market is expected to surpass $3.47 billion by 2030.

Although the cryptocurrencies market is highly volatile, Wall Street analysts expect crypto mining stocks Riot Blockchain, Inc. (RIOT – Get Rating) and Hut 8 Mining Corp. (HUT – Get Rating) to more than double in price in the near term. So, we think they could be solid additions to one’s watch list.

 

Click here  to check out our Cryptocurrency Industry Report

 

Riot Blockchain, Inc. (RIOT – Get Rating)

Castle Rock, Colo.-based RIOT participates in cryptocurrency mining and the overall blockchain system through various investments. The company has deployed approximately 8,000 application-specific integrated circuit miners at its cryptocurrency mining facility in Oklahoma. In addition, its subsidiary Tess Inc. seeks to develop a blockchain-based escrow service for wholesale telecom carriers.

On December 1, RIOT announced that it had acquired Ferrie Franzmann Industries, LLC (ESS Metron) for roughly $50 million. ESS Metron designs and produces highly engineered electrical equipment solutions that are useful for deploying bitcoin mining operations at scale. The acquisition is vital for RIOT because it will likely complement its ongoing infrastructure expansion to 700 MW and significantly improve its internal engineering capabilities.

For the third quarter, ended September 30, 2021, RIOT’s total revenue increased 2,532% year-over-year to $64.80 million. The company’s mining revenue grew 2,099% year-over-year to $53.60 million. In addition, its adjusted EBITDA came in at $37.57 million compared to a loss of $0.40 million in the year-ago period.

Analysts expect RIOT’s EPS for the quarter ending March 31, 2022, to increase 444.4% year-over-year to $0.49. Its revenue for the quarter ending December 31, 2021, is expected to increase 1,771.9% year-over-year to $99.04 million. Over the past nine months, the stock has retreated 52% in price to close yesterday’s trading session at $23. However, Wall Street analysts expect the stock to hit $47.75 in the near term, indicating a potential 107.6% upside.

Hut 8 Mining Corp. (HUT – Get Rating)

Headquartered in Toronto, Canada, HUT is a bitcoin mining company with industrial-scale operations. The company utilizes specialized equipment to solve computational problems to validate transactions on the bitcoin blockchain and provides hosting services to institutional clients.

On October 21, HUT announced that it had purchased 12,000 new MicroBT M30S+ and M30S++ miners from Inchigle Technology Hong Kong Ltd. When these new miners begin producing along with previously announced investments, HUT’s total contracted capacity will reach approximately 3.57EH/s, in addition to…

 

Continue reading at STOCKNEWS.com

 

About author

Leave a reply

Your email address will not be published. Required fields are marked *