(C) Reuters. Riot Blockchain vs. Hut 8 Mining: Which Crypto Mining Stock Is a Better Buy?
China’s intensifying crackdown on the cryptocurrency space is the key driver behind the recent slump in digital assets. But this also allows contrarian and growth investors to buy shares of Riot Blockchain (NASDAQ:RIOT) and Hut 8 Mining (HUT) at attractive valuations. So, which cryptocurrency mining stock should you place your bets on?.The cryptocurrency space has allowed investors to generate exponential gains in the last few years. To gain exposure to this disruptive space, investors can of course buy digital currencies, such as Bitcoin and Ethereum, via trading exchanges, such as Coinbase (NASDAQ:COIN).
Investors can also gain exposure by purchasing shares of crypto-mining companies, such as Riot Blockchain (RIOT) and Hut 8 Mining (HUT). The stock prices of these mining companies are closely tied to the prices of the currencies they mine, making them as volatile as the underlying asset.
The prices of Bitcoin, Ethereum, and several other cryptos, have lost momentum in the last week as China continued its crackdown in this space. Shares of Riot Blockchain are down more than 60% from its 52-week high while Hut 8 Mining stock is down more than 30% from record highs. This pullback could provide crypto bulls an opportunity to buy the dip. Which is why today we will analyze these two stocks to see which is currently the better investment.
Riot Blockchain vs. Hut 8 Mining: Which Crypto Mining Stock Is a Better Buy?
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