Cryptocurrencies have been red hot.
Despite some bumps, bruises, and threats from China, Bitcoin rallied 116% from a low of $28,748 to $62,010 just this year. Over the last four years, it’s up 8,430%…and the run may be far from over.
In fact, analysts like Fundstrat’s Tom Lee say we could see $100,000, in the near-term—a potential gain of 13,655% from 2017 lows. All thanks to growing retail and institutional interest.
Bitcoin Mining Stocks Could See Higher Highs
Look at Marathon Digital (MARA), for example. Over the last year, MARA ran from a low of $0.70 to a recent high of $61.61. Riot Blockchain (RIOT) jumped from $0.85 to $31.50.
Or, take a look at HIVE Blockchain (HIVE). Over the last two years, HIVE ran from about $0.06 to $4.29; it could push higher on strong catalysts. Miners like HIVE should continue to follow Bitcoin’s lead.
HIVE is also quickly growing. In its most recent earnings report, HIVE reported gross revenue of $37.2 million from mining—a 466% jump year over year. Net income came in at $18.6 million from $1.8 million year over year. Gross mining margins were up to $31 million from $2.6 million. That’s impressive, solid growth.
HIVE has also received approval to list on the NASDAQ, which will give the stock more exposure to millions of investors. And, the company achieved its target of Exashash per second, or EX/s of the Bitcoin mining hashrate. From here, the company wants to achieve 3 EX/s by the end of 2022. It also has 1,845 Bitcoin miners deployed in Quebec and New Brunswick.
Plus, according to Frank Holmes, interim executive chairman of HIVE, in a company press release: “The first quarter of fiscal 2022 has continued the momentum that we had in fiscal 2021. It’s been an incredible year for HIVE. Despite the effects of COVID-19 and associated supply chain issues, we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity.”
Again, as long as cryptocurrencies push higher, Bitcoin mining stocks like HIVE should follow.
This article originally appeared at Investors Alley.