It’s also worth noting the company is in the business of Bitcoin mining machine production. However, after the deep correction, some speculative exposure can be considered. I would take the company’s claims with a grain of salt.
A key reason is that Ebang has operations in North America and Europe. But the company believes it won’t have any immediate impact on its operations. However, in an open letter to shareholders, Ebang International refuted the claims.įurthermore, the cryptocurrency mining ban in China also contributed to the correction. First and foremost, a short-seller report by Hindenburg Research impacted stock sentiments. There are two reasons for the sharp downside. After touching all-time highs of $14.95, the stock has plunged to its current level around $2.40. It’s been a roller-coaster ride for EBON stock in the last 12 months. Once all miners are deployed, even stronger cash inflow is likely to serve as a catalyst for stock upside. Overall, with renewed bullish momentum in the cryptocurrency space, HVBT stock looks attractive. The latter is in the business of decentralized finance, which holds promise in the long-term. In April 2021, the company completed a share investment in DeFi Technologies. That’s another reason to be bullish on the stock. Hive also seems to be diversifying beyond just mining operations. Therefore, HIVE stock is appealing with strong top-line and cash flow visibility. The company also noted that it has reached $200 million in annual run-rate. Last month, Hive announced the purchase of 4,000 next generation miners. During the period, the company mined 165 Bitcoin and 21,500 Ethereum. For the third quarter of 2021, the company generated revenue of $13.7 million. The stock was recently up-listed on the NASDAQ exchange and trades at $2.95.Īs an overview, Hive Blockchain mines Bitcoin and Ethereum (CCC: ETH-USD).
HVBT stock would be my top pick among Reddit penny stocks.
I will not be surprised if more Reddit penny stocks skyrocket as Bitcoin surges. Similarly, Riot Blockchain (NASDAQ: RIOT) had a 52-week range of $2.35 and $79.50. In the last rally for Bitcoin, Marathon Digital (NASDAQ: MARA) skyrocketed from lows of $1.48 to a high of $57.75. As this price rises, investors may see multi-fold returns in crypto-related Reddit penny stocks. Bitcoin is now trading near $50,000 levels. However, the positive momentum seems to be gaining traction. It briefly traded below $30,000 before making a gradual recovery. After touching all-time highs of $64,800, Bitcoin (CCC: BTC-USD) witnessed a sharp correction.
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