7 Penny Stocks Benefiting Big From Bitcoin & Dogecoin Right Now

bitcoin price surge helped boost these penny stocks

Thanks to a rise in the price of bitcoin, dogecoin, and ethereum, several penny stocks are heating up today. Friday morning session saw the giant cryptocurrencies run to new Q3 highs. Helping to provide a boost, economic uncertainty and talk of easing earlier in the week had traders seeking safe havens. And, believe it or not, cryptocurrencies have become the gold bullion of the new age.

With this new gold rush has come a group of bidders looking to buy penny stocks with exposure to this digital realm. everything from bitcoin mining stocks to blockchain technology companies is gaining steam, and for obvious reasons. With this momentum building, it might be wise to start building a list of penny stocks that could benefit from bitcoin’s rally.

Reading: Bitcoin related penny stocks

bitcoin & blockchain penny shares to watch

Adding more fuel to the fire was coinbase (nasdaq:coin). The cryptocurrency exchange said this week that it has received approval to purchase more than $500 million worth of digital currencies on its balance sheet. the company reported that it would invest 10% of all future profits in crypto. CEO Brian Armstrong said he expects this percentage to “continue to grow over time as the crypto economy matures.”

coinbase joins a growing list of other companies adding bitcoin investing to their model. Earlier this year, we saw other companies, including Tesla (Nasdaq: TSLA) and Square (NYSE: SQ), do the same. will this have a ripple effect (no pun intended) on some of these & penny stocks today?

1. sos limited (nyse: sos)

   datchat inc. (nasdaq:data)

   sphere 3d corp. (nasdaq: any)

   bitfarms ltd (nasdaq:bitf)

   cabin 8 mining corporation. (nasdaq: cabin)

   canaan inc. (nasdaq: can)

   See also : There’s a plan to regulate crypto and stablecoins. Here’s what you need to know : NPR

   bit digital inc. (nasdaq:btbt)

   penny stocks to watch: sos limited (nyse: sos)

   Those who have read our articles on bitcoin stocks in the past are probably already familiar with sos limited. The company’s shares have been closely tied to cryptocurrency prices in general. that’s because sos performs cryptocurrency mining operations. In recent months, the company has launched thousands of new mining rigs that mine both BTC and ETH.

   read more: the best penny stocks to buy right now according to reddit

   The company has also established partnerships with companies such as Niagra Development to provide affordable energy to support its mining operations. With the way cryptocurrencies are being traded right now, sos stock is something to watch out for. however, like most of the names on this list, be aware of the underlying cryptocurrency market. Since these stocks tend to move in kind, a drop in the price of bitcoin, for example, can trigger a similar response for related stocks.

   datchat inc. (nasdaq:data)

   This is one of the newest penny stocks to watch this month. We mentioned stock data earlier in the week, as the stock had just started to explode after a recent initial public offering. datchat is on the blockchain technology side of the coin. the company uses blockchain, cybersecurity, and social media for its platform. datchat gives users the ability to control chat messages and posts. specifically, anyone with the chat app can delete messages and posts and be protected from anyone taking a screenshot of these messages before they are deleted.

   While there hasn’t been much news about the company since its IPO, it hasn’t stopped speculative trading in the stock. since the start of the week, data stocks are up more than 40% so far. the latest push above $5 comes on the heels of the sympathetic boost in the cryptocurrency and blockchain industries.

   sphere 3d corp. (nasdaq: any)

   another cryptocurrency related company we have talked about this week is the 3d sphere. the technology company began its foray into the world of digital currencies and has not looked back. Earlier this summer, Sphere and Griffin digital mining announced a merger. since then, any stock has gotten a nice boost from the optimism surrounding bitcoin and other digital currencies. With this merger expected to close in the third quarter of 2021, time has played its own additional role in the speculation surrounding penny stocks.

   This week, the company not only reported higher profits year-over-year, but also reached an agreement with Gryphon to purchase an additional 250,000 Certified Emission Reductions. Ultimately, these will help support the combined company’s esg commitments following recent plans to “substantially increase” cryptocurrency mining capacity.

   If you’ve been following the bitcoin mining saga this year, you’ll recall that the strain on the power grid caused some to distance themselves from bitcoin mining in general. Higher emissions as a byproduct of increased energy requirements did not sit well with the ESG community. we now see companies like sphere & gryphon finding ways to expand mining responsibly while also lessening the environmental impact of doing so.

   old penny stocks to watch: bitfarms ltd (nasdaq: bitf)

   now to the list of old penny stocks to watch right now. bitfarms was trading below $3 a share at the beginning of the month. after hitting a high of $7.47, bitf shares are back to where they are now. Much of the excitement is obviously coming from the related push in digital currencies over the past few weeks. In addition, the company’s recent earnings results revealed significant growth in both gross margin and adjusted EBITDA margin.

   See also : Razzlekhan: The Untold Story Of How A YouTube Rapper Became A Suspect In A 4 Billion Bitcoin Fraud

   The company mined 759 bitcoins and had just under 1,300 bitcoins at the end of the last quarter. it also received over 3,400 new miners during the quarter, which also helped increase its overall hash rate. In simple terms, higher hash rates can increase the chance that a miner will “find” the next block in a blockchain and receive a bitcoin reward.

   In response to the favorable results, emiliano grodzki, CEO of bitfarms, said: “from the beginning of 2021 to the end of 2022, we expect to have increased our capacity eightfold and expanded our geographic resources in north and south america. . while continuing to look for opportunities elsewhere. We went public on Nasdaq, built our leadership team with additions and promotions in Canada, the United States, and South America, and capitalized on our infrastructure capabilities to develop our relationships and identify potential locations to expand our geographic footprint.”

   Thanks to the latest move in bitcoin and ethereum prices, bitf stock is back on the watch list.

   cabin 8 mining corporation. (nasdaq: cabin)

   Like bit farms, hut 8 also focuses on bitcoin mining. In addition, the company is also experiencing significant growth. In its recent quarterly report, Shack 8 achieved its second consecutive quarterly revenue record. at the end of the second quarter, the company had more than 3,820 bitcoins, which at today’s price are worth more than $180 million. Additionally, based on its current network, the company anticipates mining 20-25 bitcoins per day once all of its equipment is hashed.

   hut is also focused on an esg initiative. established a recycling program to limit waste and installed low-emission LED lighting in its facilities. hut 8 has also placed a fleet of electric vehicles on site to further reduce emissions from related operations.

   canaan inc. (nasdaq: can)

   playing a different role in this ecosystem, canaan manufactures the picks and shovels of the industry. The company is a manufacturer of bitcoin mining machines that provides hardware to its customers. the most recent deal was with mawson infrastructure group (otc: migi), an australia-based digital infrastructure provider. mawson’s order was for 17,352 bitcoin miners, to be delivered throughout 2021 and 2022.

   read more: the best penny stocks to buy right now? 4 to watch before next week

   This order was in addition to an existing order of more than 11,700 machines. While a valuation was not discussed in its press release, it is an important order for Canaan and one that expands its global reach. Considering the increase in the price of digital assets and an increase in mining operations in general, you cannot forget about the benefits for the entire supply chain; hardware vendors included.

   bit digital inc. (nasdaq:btbt)

   As in hut 8, bit digital was also trading well below the $5 penny stock threshold earlier this quarter. btbt stock has since soared to over $20 and is currently above $10 this week. Mainly benefiting from industry sympathy, bit digital has been relatively quiet when it comes to news. however, the headlines from earlier this quarter have kept the fire burning in the market. the company announced plans for a bitcoin mining expansion with digihost. the two will operate a 100 mw bitcoin mining system for an initial period of 2 years.

   With a surge in cryptocurrency prices this week, btbt shares continue to benefit.

   is it time to buy bitcoin stocks?

   Like all of the penny stocks (and old penny stocks) on this list, it’s important to watch cryptocurrency prices as closely as these stock prices. as we have discovered, an exchange in dogecoin, bitcoin, ethereum, etc. it can have a ripple effect throughout the industry. so if any of these are on your watch list right now, be sure to keep them in mind.

   Source: https://amajon.asia
   Category: Bitcoin