The cryptocurrency industry is still young but growing rapidly. Cryptocurrencies are a relatively new form of digital currency, of which Bitcoin is the best known example. Cryptocurrencies use blockchain technology , which enables secure and decentralised transaction recording without the need for a trusted third party. Cryptocurrency mining companies use computers to solve complex computational problems in order to verify transactions on the blockchain and generate new cryptocurrency coins. The cryptocurrency can then be stored and used for specific transactions or sold for fiat currency . Some of the big names in the crypto-mining industry include Riot Blockchain Inc. ( RIOT ), Canada-based Hive Blockchain Technologies Ltd. ( HIVE ) and Marathon Digital Holdings Inc. ( MARA ).
Cryptocurrency mining stocks, represented by ETF Amplify Transformation Data Sharing ( BLOK ), outperformed the market overall. BLOK has delivered a total return of 39.3% over the past 12 months, up from the Russell 1000's total return of 23.6%. These market indicators and all the statistics in the tables below are as of 17 December 2021.1
Below we look at the top three cryptocurrency mining stocks with the best value, fastest growth and highest momentum.
Best cryptocurrency mining stocks
These are the cryptocurrency mining stocks with the lowest moving price to sales ratio (P / S) over 12 months . For companies in the early stages of development or for industries experiencing major disruption, this can be used as a rough estimate of business value. A business with higher sales may end up making more profit when it reaches (or returns to) it. The P/S ratio shows how much you pay for a stock for every dollar of sales made, see Exness Bonus for more details here.
Bit Mining Ltd: BIT Mining is a Hong Kong-based cryptocurrency mining company. Its business operations include cryptocurrency mining, a data centre and a mining pool . The company also owns the blockchain browser BTC.com. Bit Mining announced in mid-November its financial results for Q3 FY2021, a three-month period ending 30 September 2021. The company's net loss increased to $41.7 million, compared to a net loss of $6.3 million for the year. -ago quarter.
Canaan Inc .: Canaan is a Chinese provider of high-performance computing solutions. The company specializes in high performance computing ICs based on specialized integrated circuits (ASICs), chip research and development, computing hardware manufacturing and software services.
Bit Digital Inc .: Bit Digital is a bitcoin mining company. The company's mining operations and mining platform are used to generate and accumulate bitcoins, which are then sold for fiat currency at certain times depending on market conditions.
Crypto-mining stocks with the highest momentum
Impulse investing is a factor-based investment strategy in which you invest in stocks whose price has risen faster than the market as a whole. Momentum investors believe that stocks that have outperformed the market will often continue to do so because the factors that caused them to outperform the market will not suddenly disappear. In addition, other investors looking to capitalise on rising stock prices often buy stocks, pushing their price even higher. It is cryptocurrency mining stocks that have posted the highest cumulative returns over the past 12 months.
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