Top Crypto Mining Stocks for Q4 2022

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Top Crypto Mining Stocks for Q4 2022

The cryptocurrency sector is still in its early stages, but it is fast expanding. Cryptocurrencies, the most well-known example being Bitcoin, are a relatively new kind of digital money. Cryptocurrencies use blockchain technology, which allows for the creation of a secure and decentralized record of transactions without the need for a third party to be trusted.

To verify transactions on a blockchain and produce new cryptocurrency coins, cryptocurrency mining businesses employ computers to solve challenging computational tasks. The cryptocurrency may then be stored and utilized for specific transactions, or it can be sold for fiat cash. Riot Blockchain Inc., HIVE Blockchain Technologies Ltd., and Marathon Digital Holdings Inc. are among the major players in the crypto mining sector.

Crypto mining equities, as represented by the Amplify Transformational Data Sharing ETF (BLOK), have significantly underperformed the overall market. Over the last 12 months, BLOK has delivered a total return of -51.5%, considerably behind the S&P 500’s total return of -10.7%.

Below, we examine the top three crypto mining stocks in terms of valuation, growth, and performance. The market performance figures shown above, as well as the information in the tables below, are as of September 13, 2022.

Best Value Crypto Mining Stocks

The crypto mining stocks with the lowest 12-month trailing price-to-sales (P/S) ratio are listed below. This may be used as a rough assessment of a company’s worth for enterprises in the early phases of development or sectors experiencing big shocks. When a company reaches (or returns to) profitability, it may be able to generate greater profit. The P/S ratio indicates how much you pay for a stock for every dollar of sales produced.

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Best Value Crypto Mining Stocks
Price ($)Market Capitalization (Market Cap) ($M)12-Month Trailing P/S Ratio
Canaan Inc. (CAN)3.25557.40.6
Hut 8 Mining Corp. (HUT)2.03353.62.0
HIVE Blockchain Technologies Ltd. (HIVE)4.55374.22.6

  • Canaan Inc.: Canaan is a high-performance computer solutions provider located in China. It specializes in computer chip design, chip research and development, computing equipment manufacturing, and software services. The firm provides computer equipment to the cryptocurrency mining business. The firm released profits for the second quarter of 2022 on August 18. Net income more than quadrupled as revenue climbed 52.8% year on year (YOY), owing to significant increases in mining revenue and improvements in product sales.
  • Hut 8 Mining Corp. is a Canadian firm that specializes in digital asset mining, high-performance compute hosting, and other related activities. Hut 8 posted results for the second quarter of 2022 on August 11. Net losses increased dramatically year on year while overall income increased by 30.7%. A non-cash revaluation of digital assets affected the quarter’s net loss.
  • HIVE Blockchain Technologies Ltd.: HIVE Blockchain Technologies is a cryptocurrency mining firm established in Canada that aims to connect the blockchain industry to conventional financial markets. At its data centers in Canada, Sweden, and Iceland, it mines digital currencies such as Bitcoin and Ethereum.

Fastest Growing Crypto Mining Stocks

The cryptocurrency mining stocks with the biggest year-over-year (YOY) revenue increase in the most recent quarter are listed below. Rising sales may assist investors in identifying firms that can generate revenue organically or via other ways, as well as organizations that are growing but have not yet attained profitability. Furthermore, accounting considerations that may not represent the overall health of the organization may have a major impact on profits per share (EPS).However, sales growth may be deceiving about a firm’s soundness since increasing sales on a losing business might be bad if the organization has no strategy to regain profitability.

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Fastest Growing Crypto Mining Stocks
Price ($)Market Cap ($M)Revenue Growth (%)
Riot Blockchain Inc. (RIOT)7.631,179112.4
Canaan Inc. (CAN)3.25557.449.3
Hut 8 Mining Corp. (HUT)2.03353.630.7

  • Riot Blockchain Inc. is a bitcoin mining and digital infrastructure startup. The firm has bitcoin mining facilities in Texas and New York. In Colorado, it also includes electrical switchgear engineering and manufacturing facilities. In August 2022, the firm generated 374 bitcoin, a 15% drop year on year. Riot, on the other hand, reported a considerable decrease in total power expenses for the month by using its patented power strategy.
  • Canaan Inc.: See above for corporate description.
  • Hut 8 Mining Corp.: See the company description above.

Crypto Mining Stocks with the Best Performance

These are the crypto mining equities with the least total return decreases over the last 12 months among the firms we looked at.

Crypto Mining Stocks with the Best Performance
Price ($)Market Cap ($M)12-Month Trailing Total Return (%)
Canaan Inc. (CAN)3.25557.4-62.5
Marathon Digital Holdings Inc. (MARA)12.821,498-64.0
HIVE Blockchain Technologies Ltd. (HIVE)4.55374.2-70.3
S&P 500N/AN/A-10.7
Amplify Transformational Data Sharing ETF (BLOK)N/AN/A-51.5

  • Canaan Inc.: See the business description above.
  • Marathon Digital Holdings Inc.: Marathon Digital Holdings is a digital asset technology firm that mines cryptocurrencies. Its main emphasis is the blockchain ecosystem and the creation of digital assets. Marathon posted profits for the second quarter of 2022 on August 8. Its financial loss increased significantly year on year as sales fell by nearly 15%. The price of bitcoin, as well as maintenance and weather concerns, all had an influence on the results.
  • HIVE Blockchain Technologies Ltd.: See the business description above.
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The views, opinions, and analyses presented herein are provided only for informational purposes and should not be construed as individual investment advice or recommendations to invest in any asset or pursue any investment plan. We think the information presented below is credible, but we make no guarantees about its accuracy or completeness. The perspectives and methods represented in our material may not be appropriate for all investors. Because market and economic circumstances change rapidly, all comments, views, and analyses included in our material are current as of the date of publishing and are subject to change without notice. The information is not meant to be a comprehensive examination of every important fact pertaining to any country, area, market, industry, investment, or strategy.

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