Blockchain concepts stocks rose in the US stock market, driven by the price of virtual currency
According to reports, driven by the price of virtual currency, blockchain concept stocks in the US stock market rose generally, Hut 8 Mining rose by over 6%, Riot Platforms and Mar
According to reports, driven by the price of virtual currency, blockchain concept stocks in the US stock market rose generally, Hut 8 Mining rose by over 6%, Riot Platforms and Marathon Digital rose by over 4%, MicroStrategy rose by over 3%, and Coinbase and Bit Digital rose by over 2%.
US blockchain concept stocks rose by over 6% before trading, with Hut 8 Mining gaining more than 6% before trading
Blockchain technology, the backbone of cryptocurrencies, has been gaining attention lately due to its role in decentralizing transactions and bringing in a new era of secure, transparent, and efficient finance. As a result, companies operating in the blockchain space are experiencing unprecedented growth, which is now reflecting in the stock market. According to recent reports, the price of virtual currencies is driving the blockchain concept stocks in the US stock market, leading to a surge in their value. In this article, we will discuss the companies that have seen remarkable growth and what is driving these gains.
Hut 8 Mining Corp
Hut 8 Mining Corp, which provides cryptocurrency mining solutions, was one of the major gainers in the US stock market, with its shares rising by over 6%. The company had been struggling for several years, but things have started looking up for the firm lately. For instance, in Q1 2021, the company mined 1,158 bitcoin, representing a 21% increase from Q4 2020. Hut 8 has also been expanding its mining capabilities by opening new facilities in Canada and the US.
Riot Blockchain Inc
Riot Blockchain, a Bitcoin mining firm, saw its shares soar by over 4% in the US stock market. The company has been growing steadily, with its latest financial report showing that its mining revenue has risen by almost 1,000% from Q1 2020 to Q1 2021. Riot is also planning to expand its mining operations in the US and establish itself as one of the leading Bitcoin mining companies in the world.
Marathon Digital Holdings Inc
Marathon Digital Holdings, formerly known as Marathon Patent Group, is another company that has been making significant gains in the blockchain concept stocks sector, with its shares rising by over 4%. The firm operates in the cryptocurrency mining business and owns a vast network of mining rigs with a total efficiency of 10.36 EH/s. The company is continuing to expand its operations and recently acquired a 10,000-strong fleet of Bitcoin miners from Bitmain.
MicroStrategy Inc
MicroStrategy, a business analytics firm, is also benefiting from the cryptocurrency boom through its acquisition of Bitcoin. The company has invested over $2 billion in Bitcoin to date, with its holdings now worth around $5 billion, an increase of over 3% in its share prices. MicroStrategy is publicly traded on NASDAQ and has gained a considerable amount of attention from traditional investors due to its merging of traditional business intelligence with the world of cryptocurrencies.
Coinbase Global Inc.
Coinbase Global, one of the world’s largest cryptocurrency exchanges, went public in April 2021, with its shares being listed on the NASDAQ. The company’s shares rose by over 2% driven by the rising prices of virtual currencies. Coinbase has been experiencing strong growth, with its revenue rising by over 800% in 2020. The firm offers users the ability to buy, sell and store a variety of digital currencies, including Bitcoin, Ethereum, and Litecoin.
Bit Digital Inc.
Bit Digital, a Bitcoin mining company, also saw its shares rise by over 2% due to the surge in blockchain concept stocks. The company operates a wide network of mining rigs and has mining operations in North America, China, and Europe. Bit Digital offers users the ability to mine Bitcoin and other cryptocurrencies and has established itself as a major player in the blockchain space.
In conclusion, the blockchain concept stocks in the US stock market have been on the rise due to the increase in the price of virtual currency. Companies that provide solutions in the blockchain space, such as Bitcoin mining, have seen remarkable growth, leading to a surge in their stocks. This trend is expected to continue in the near future as more businesses venture into the world of blockchain and cryptocurrencies.
FAQs
#Q1. What is Hut 8 Mining Corp?
Hut 8 Mining Corp provides cryptocurrency mining solutions.
#Q2. Which company recently acquired a 10,000-strong fleet of Bitcoin miners from Bitmain?
Marathon Digital Holdings acquired a 10,000-strong fleet of Bitcoin miners from Bitmain.
#Q3. What does MicroStrategy do?
MicroStrategy is a business analytics firm that recently invested over $2 billion in Bitcoin.
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