Digital Assets: Shares In Listed Crypto Mining Companies Enjoy Rub-Off Effect From Bitcoin’s ATH

December 1, 2020 | Digital Assets, Latest News, News

The stocks notched up stellar monthly gains on the back of bitcoin’s meteoric rise.

Bitcoin mining companies Riot Blockchain (NASDAQ: RIOT), Marathon Patent Group (NASDAQ: MARA), and Canaan Inc ADR (NASDAQ: CAN) all posted massive gains during the month of November following bitcoin’s rise to a new all-time high (ATH) on Monday. (Coin Desk)

The crypto mining sector is on the up and up

These stocks are solidly up as shown in the table:

Week 40.95 85.25 16.82
Month 138.03 175.44 156.41
Quarter 141.43 153.23 148.76
Year 507.91 390.63 -39.39
YTD 654.46 612.5 -18.03

Riot Blockchain

Riot Blockchain focuses on bitcoin mining, aiming to be one of the largest and lowest-cost producers of bitcoin in North America.

Its portfolio of investments includes Tesspay, a blockchain-based escrow service for wholesale telecom carriers. It also includes Verady, which provides cryptocurrency accounting and audit technology services.

The company also conducts bitcoin mining at Coinmint LLP’s Massena, New York facility. At this location, the company has deployed a hardware fleet comprising 6040 next-generation Bitmain Antiminers. It has a current deployed hash rate capacity of 456 PH/s which consumes approximately 16.3 MW of energy.

By early May 2021, its total hash rate capacity is expected to go up to 1446 PH/s utilizing about 46 MW of energy.

Riot expects to then have a fully deployed fleet totaling approximately 15,040 miners, with most of them being S19 Pro machines.

Marathon Patent Group

Marathon is a cryptocurrency mining company operating a proprietary data center at Hardin, MT, with a power capacity of 105 MW. It expects to have 21,500 Antminer Bitmain S-19 Pro miners after full deployment, scheduled for March 2021.

It also owns 2,060 advanced ASIC bitcoin miners at a cohosted facility in North Dakota.

“Upon delivery and full Installation of all purchased miners, the Company’s mining operations will include 23,560 next-generation miners bringing our total hashrate to 2.56 Eh/s and making us the largest self-miner in North America,” Marathon’s chief executive officer, Merrick Okamoto, stated in October in a statement.

In August, the company acquired Fastblock Mining for about $22 million in an all-stock deal. The transaction would enable Marathon to lower its cost of production from $7400 to $3600 per bitcoin.


Canaan is a Chinese miner manufacturing company whose shares are listed as ADRs on the Nasdaq. It is enjoying very strong demand for its mining machines.

As of the end of November, the total amount of pre-sale orders for bitcoin mining machines in the fourth quarter of this year and the first quarter of 2021 stands at over US$ 45 million, the company said in its latest quarterly report.

Related Story:  Nasdaq-Listed Cryptominer Marathon Acquires Fastblock Mining For $22M                                                 

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