This story was originally published here.
Bitcoin (CCC:BTC) rallied in 2020 as it nearly quadrupled in price from $8,000 in January 2020 to above $31,000 in late December. It reached a new all-time high above $34,000 in 2021. An indirect way to gain from this price appreciation is to consider crypto mining stocks to buy.
Here is simple explanation of the mining process from Sectigostore.com:
“The term crypto mining means gaining cryptocurrencies by solving cryptographic equations through the use of computers. This process involves validating data blocks and adding transaction records to a public record (ledger) known as a blockchain.”
Crypto mining is a complicated process. It requires a lot of capital expenditures in technology equipment. And, it has significant expenses in terms of electricity and even cooling equipment for a large number of computers used.
The crypto mining business is risky but can be promising and profitable if bitcoin appreciates in the future. Research on global cryptocurrency mining market by Industry Research is optimistic about the growth of this market in the next five to six years.
“The global Cryptocurrency Mining market size is projected to reach US$ 2584.6 million by 2026, from US$ 1015.9 million in 2020, at a CAGR of 16.8% during 2021-2026.”
Meanwhile, a report by Technavio projects growth of $2.8 billion in the mining hardware market from 2020 through 2024.
With growth expected both for the cryptocurrency mining and its hardware, cryptocurrency mining stocks are worth considering. For investors interested in positions related to bitcoin, here are four crypto mining stocks to buy… Story continues here.
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