Listed Crypto Mining Companies

If you would like to get exposure to crypto, and Bitcoin in particular, but are loathe to engage with centralized or decentralized crypto exchanges, you might consider investing in publicly listed mining companies through traditional stock exchanges.

In the following, we have compiled a list of those companies listed on US exchanges (including pink sheets), and hence easily available to US investors and those with access to US markets. This list includes the closing price as of Wednesday, January 25, the 52-week low/high, as well as the *current* hash rate based on latest publicly available information. The Bitcoin “close” is the observed price on Coinbase as of around 4pm on January 25.

You will notice that essentially all the listed miners are offering a leveraged play on the Bitcoin price, as they are all priced at a higher discount, and mostly at a significantly higher discount, to their 52-week high compared to Bitcoin. Obviously, rather than just valuing the miner based on the spot price of Bitcoin — all miners that are already productive hold different quantities of Bitcoin that have been mined, but not sold to fund operations, for example — one needs to take into account in-force contracts for delivery of additional miners, the miner hash rate in relation to the total hash rate, both at current levels and projected, different operating models, etc. So please take this list as a starting point to do your own research (DYOR).

As an illustration, here are a few sample points:

• We quote 2 EH/s for Hive Blockchain Technologies as of the end of 2021, however, this is based upon a press release dated October 21, 2021, which announced the purchase of 6,500 bitcoin miners, with a delivery of 3,000 of those by December 2021; previously, the company was very vocal when it reached 1 EH/s on August 26, 2021, and we could not yet locate a corresponding press release for the 2 EH/s milestone, so either the delivery is delayed, or the miners are not yet operational; however, among the quote hash rates, this is the only one based on a projected number
• Also, Hive is not a pure-play bitcoin miner; in fact, in April 2021 the company was quoted as “primarily mines Ethereum”; Hut8 also mines alt coins, as does Digihost; we recommend digging into more detail if you intend to make an investment decision

• In a December 2021 investor presentation, Marathon Digital projected a mid-2022 hash power of a whopping 13.3 EH/s based on anticipated deliveries; first, please note that this date had shifted from an original “by the end of Q1”; second, in a January 3, 2022 press release the company announced further orders for bitcoin miners that push the hash rate to 23.3 EH/s by “early 2023”; so, if nothing else, this space is very dynamic and valuation assumptions change quickly

Happy investing!

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