Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin – Cointelegraph

The share price of Bitcoin (BTC) mining firms Riot Blockchain and Hive Blockchain has produced enormous year-to-dategains, with stock in Riot nearly doubling while Hives has tripled over 2020 so far.

However, not all mining firms have fared well throughout the COVID-19 pandemic, with Canaans stock falling nearly 70% since early January, and both Hut 8 and DMG Blockchain seeing scant YTD gains despite experiencing significant volatility this year.

While Bitcoin is up more than 26% from roughly $7,200 to $9,100 since the start of the year, the leading cryptocurrencys gains have been dramatically overshadowed by a handful of firms mining it.

Hive Blockchain has seen a dramatic performance this year, rallying more than 420% from the start of 2020 until mid-February, from $0.066 to $0.345. The firms shares crashed back to $0.118 over the next month as immediate economic fallout from the coronavirus took effect. However, an expansion that led toHive doublingits mining capacity saw its stock rebound to test the $0.033 area by mid-May.

HIVE/CAD 2020 YTD: Google

The firms shares have since fallen back to $0.228.

After starting the year trading for $1.22, Riot Blockchain shares rallied to $1.60 by mid-Februarybefore crashing to $0.65 in roughly one month. However, Riot produced a strong recovery, gaining over 375% to trade for $3.10 on June 10. The firms shares have since retraced to $2.29.

RIOT/CAD 2020 YTD: Google

Riots recovery may have been boosted by announcements in May that its mining revenues had grown 70% in the first quarter year-on-year, itsplans to roughly double its hash rate after Bitcoins block reward halving, and the dismissal of pump-and-dump complaints against the firm.

Riot also expanded its total hash rate capability after establishing a hosting arrangement for its Antminer S17s with fellow mining firm Coinmint in April after facing disruptions resulting from COVID-19.

However, the gains enjoyed by Riot and Hive are certainly not indicative of all miners, with Canaan suffering huge losses over 2020 so far.

After starting the year at $6.02, Canaan shed over a quarter of its value by mid-Feb when a sudden spike pushed prices up to $8.04 in a single day. Canaans stock then plummeted to $2.81 in mid-March, before embarking on a steady recovery to retest $6 two months later.

RIOT/USD 2020 YTD: Google

Since May 14, Canaans price has crashed by more than two-thirds to currently trade for $1.82.

While the YTD performance for Hut 8 and DMG Blockchain are currently sitting at an approximate break-even, both firms have seen extreme volatility during 2020.

HUT/CAD 2020 YTD: Google

Both Riot and DMG produced sudden spikes of over 60% in February followed by crashes of at least 60% by mid-March and a recovery back to trade at early-Januarylevels.

DMGI/CAD 2020 YTD: Google

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Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin - Cointelegraph