Bitcoin mining is the process of creating new bitcoin by solving puzzles. It consists of computing systems equipped with specialized chips competing to solve mathematical puzzles. The first bitcoin miner, as these systems are called, to solve the puzzle is rewarded with Bitcoin. The mining process also confirms transactions on the cryptocurrency’s network and makes them trustworthy.
Cryptocurrency mining stocks to watch are Canaan (NASDAQ:CAN), Graystone Company, Inc. (OTC: GYST), Marathon Digital Holdings (NASDAQ:MARA), and HIVE Blockchain Technologies (NASDAQ: HIVE)
Canaan Inc. (NASDAQ: CAN) engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People’s Republic of China. It is also involved in the assembly of system products; and supply chain and distribution of system products. The company has a strategic cooperation with Northern Data AG in the areas of artificial intelligence development, blockchain technology, and datacenter operations. The company was founded in 2013 and is based in Hangzhou, the People’s Republic of China.
The Graystone Company (OTC: GYST) is a publicly traded company with two lines of business: (1) Bitcoin Mining and (2) the sale and hosting of bitcoin mining equipment.
The Company is engaged in “Bitcoin Mining” – i.e. the process by which Bitcoins are created resulting in new blocks being added to the blockchain and new Bitcoins being issued to the miners. Miners engage in a set of prescribed complex mathematical calculations in order to add a block to the blockchain and thereby confirm cryptocurrency transactions included in that block’s data. Miners that are successful in adding a block to the blockchain are automatically awarded a fixed number of Bitcoins for their effort. All of the Company’s Bitcoin Mining activities will be conducted through our wholly-owned subsidiary Graystone Mining. The Company will only mine Bitcoin.
The Company also sales and provides hosting of bitcoin mining equipment to 3rd parties.
The company recently announced updates about our continued expansion of its bitcoin mining operations. We have just secured the purchase of 16 additional machines. This is a great success, considering that were able to place this order just a few weeks after our previous order of 25 units of S19j Pro (100 TH/S), thereby, increasing the number of units purchased to 41. This new batch of 16 units is scheduled for February shipment and is expected to be installed and operational in April 2022. The cost to host the units is estimated at $185 per unit per month.
As we approach the end of this year and look back at what we had accomplished since we started mining on September 15, 2021, we can’t be more proud of the results. Since then, we have grown each month by thoroughly planning each equipment acquisition tranche. We are focused on being patient and growing our revenues and profits slow and steady for the long-term benefits of the company and its shareholders and building a strong foundation that can support our future expansion plans. We are currently planning on acquiring 10-20 machines per month for the next 6 months and then increasing our purchases to 20-30 machines per month. Executing on this plan will allow the company to be mining with up to 300 machines by the end of 2022. Additionally, our revenue will begin to increase as our mining hash-power increases as the new machines are installed beginning January 2022.
We are also excited to announce that we are planning to dedicate some of the equipment and space we have acquired to subleasing to 3rd party clients. This business model is attractive due to extremely high demand, and we see it as a great opportunity that can’t be missed, because it will provide supplemental revenue in addition to mining BTC for ourselves. We are passionate about the emerging bitcoin mining industry and we strongly believe in our vision we have for the future of our company, it is rewarding as we accomplish each milestone along our journey towards the building of this future.
Marathon Digital Holdings, Inc. (NASDAQ: MARA) operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. The company was formerly known as Marathon Patent Group, Inc. and changed its name to Marathon Digital Holdings, Inc. in February 2021. Marathon Digital Holdings, Inc. was founded in 2010 and is headquartered in Las Vegas, Nevada.
HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. It engages in the mining and sale of digital currencies, including Ethereum, Ethereum Classic, and Bitcoin. The company was formerly known as Leeta Gold Corp. and changed its name to HIVE Blockchain Technologies Ltd. in September 2017. HIVE Blockchain Technologies Ltd. was incorporated in 1987 and is headquartered in Vancouver, Canada.