Not available for everyone
Most public mining companies are registered far outside the Russian Federation. Actually, their shares are also traded on foreign trading floors..
However, if you live in another country or still have access to foreign exchanges, then stocks of mining companies are also available to you.
We have already talked about some of them in one of the previous articles.. Therefore, it will not consider companies like Riot Platforms or Hut 8 Mining in detail.. There are other potentially interesting players in the market.
Cipher Mining Inc.
This is a relatively young company that appeared only in 2021.. With all this, it is one of the largest in its industry, yielding in terms of capitalization only to such giants as: Riot Blockchain and Marathon Digital Holdings.
The activities of Cipher Mining are exclusively related to the mining of BTC and the development of their data centers.
In addition, the company itself sees the goal of expanding and strengthening the Bitcoin network in the United States.
For investors, the company may be attractive for several reasons:
- Despite the fact that Cipher Mining is on the market recently, it is already one of the largest in the industry.. This suggests that management has resources.
- Strong operating results of the company. Data for March 2023 has just been released. A record hash rate of 5.7 EH/s was reached in a month. Compared to February, the figure increased by 10%. This was achieved through the introduction of 5,023 new devices.
- The company’s shares are relatively cheap. At a maximum in September 2021, their cost was more than $15 apiece. Now it’s only $2.32.
Since the beginning of the year, the company has added more than 300% in price. The next target for the stock will be the January high – the resistance level of $2.9.
The support level should be the lower bound of the gap dated March 28 at $1.91. Positive is the fact that the stock is trading above the 50-day and 200-day moving averages.
In addition, the so-called “golden cross” formed in mid-March, which is also a signal for bullish sentiment..
On the chart, the 50-day moving average is marked in yellow, and the 200-day moving average is marked in blue:
The company’s shares are traded on the NASDAQ under the ticker symbol CIFR.. In total, there are about 248.6 million of them in free circulation.. Market capitalization on April 6, 2023 – $576 million.
HIVE Blockchain Technologies Ltd HIVE Blockchain Technologies is the first mining company whose shares began to be publicly traded on stock exchanges. The IPO was launched in 2017 on the TSX Venture Exchange.
The company conducts its business in countries with a cold climate and a stable socio-political situation: Canada, Sweden and Iceland. HIVE uses green energy for mining.
The company’s balance in bitcoins at the end of February 2023 was 2,340 BTC. February hash rate reached 3 EH/s. This figure increased by 16% compared to January. In total, 250 BTC were mined.
In the first month of 2023, the company’s shares rose by almost 200%. True, by March 10, the price fell by 48%. At the beginning of April, HIVE securities again switched to growth.
They have already overcome the 50-day moving average (indicated in blue) and are close to the 200-day moving average (indicated in yellow). The nearest resistance level is $3.71 and the support level is $2.85.
The company’s shares are traded on the TSX Venture Exchange and NASDAQ under the HIVE ticker of the same name..
Total free float – slightly less than 84 million securities. Market capitalization on April 6 = $276.4 million or about 370 million Canadian dollars.
Bitfarms Ltd
This is a Canadian mining company. She has ten farms in four countries: Argentina, Paraguay, Canada and the USA.
A feature of Bitfarms is the generation of electricity for mining mainly from hydroelectric power plants.
On April 3, the company released its March 2023 production report.. So 424 BTC were mined, which is 27 more than months earlier.
The hashrate of the company’s equipment increased from 4.7 EH / s to 4.8 EH / s compared to February.
At the same time, operating capacities remained at the same level – 188 MW. 178 MW or 94.6% come from hydroelectric power.
Since the end of 2021, the company’s shares have fallen in price, falling by almost 25 times. However, in 2023 the picture has changed..
In the first two weeks of January, securities rose by more than 185%. Then adjusted by 45%. Since March 10, Bitfarms securities began to grow again.
Right now, buying shares of the company is quite risky.. The price is below both the 50-day (in yellow) and the 200-day moving average. The nearest support level is $0.85 and the resistance level is $1.08.
Bitfarms is listed on the NASDAQ and on the Toronto Stock Exchange (TSX) under the ticker BITF. The number of shares in free float exceeds 238 million.
The market capitalization of the company at the time of writing exceeds $223 million, or just over 300 million Canadian dollars.
TeraWulf Inc.
The company positions itself as an environmentally oriented business. They try to produce mining on electricity from renewable sources: water, nuclear and solar.
The company has two centers of operations: New York and Pennsylvania.
TeraWulf has not yet released a report for March. But here is February pleased results. The company was able to transfer one of its divisions – Nautilus Cryptomine – completely to nuclear power.
This is the first such case in the US. In addition, an 82% hashrate growth was achieved in a month. A total of 143 BTC has been mined.
The company’s shares are very volatile. This year alone, they have already managed to first grow by 76% in January, and then fall by 54% by mid-March. By the beginning of April, the shares were up 95% again.
In terms of technical analysis, TeraWulf securities are in an uptrend. They are trading above the 50-day moving average (shown in yellow) but below the 200-day moving average (shown in blue).
Overcoming the latter will be an even stronger signal for growth. The current resistance level is this year’s high of $1.17, the support level is $0.82.
TeraWulf shares are traded on the NASDAQ under the symbol WULF.. Just over 186 million securities in circulation. The market capitalization of the company as of April 6 is more than $178.5 million.
Iris Energy Ltd
This is another company that mines exclusively through renewable sources.. In its work, Iris Energy uses wind, solar and hydroelectric power plants..
This is possible due to the fact that the company operates all over the world: in Asia, Canada and the USA.. Its headquarters is located in Sydney, Australia.
On April 3, the company announced in an official statement on its website that it had increased the hashrate from 2 EH/s to 2.8 EH/s. Such a jump is not the limit.
The company recently announced a capacity increase to 5.5 EH/s. It remains only to put them fully into action.
A good sign for the company was the lack of deposits in US banks: Silicon Valley, Signature Bank and Silvargate, which collapsed in March 2023.
The company’s shares from the beginning of January to mid-February 2023 rose by more than 400%.
However, then a correction came, and the paper lost about 60%. By March 22, they again grew by 60%. The current value of the shares is $2.91.
There is some calm for now.. Shares trade sideways. Support level $2.61, resistance level $3.15. Stocks are above the 50-day moving average (in yellow) and below, but very close to the 200-day moving average (in blue).
Iris Energy shares trade on the NASDAQ under the ticker IREN.. In total, there are almost 55 million securities in free circulation. The market capitalization of the company as of April 6 is $160 million.
Thus, a trend can be noted: mining companies have shown growth since the beginning of 2023. Some more, some less. Further growth prospects will depend on how the price of bitcoin changes.