The Canadian blockchain stocks we’ve discovered have investor momentum that is expected to continue in 2020
SmallCapPower | May 19, 2020: Bitcoin has seen renewed investor interest recently given the record amount of global money printing related to COVID-19. Blockchain itself, although no longer on the top of most investors’ minds, is a technology that it here to stay as Visa, for example, filed a patent application late last year to create digital currency on a centralized computer using blockchain technology. That being said, today we have identified three Canadian blockchain stocks that we believe have superior growth prospects for 2020.
*Returns are based on closing stock prices as of May 15, 2020
Voyager Digital Canada, Ltd. (CSE:VYGR) – $0.265
Voyager is a crypto-asset broker that provides retail and institutional investors with a turnkey solution to trade crypto assets. Voyager offers customers best execution and safe custody on a wide choice of popular crypto-assets. On March 2, 2020, Voyager Digital announced its fiscal 2020 second-quarter financial results and provided a business update, saying it has grown its customer base to more than 200,000 global users across Voyager platforms and has increased its trading volume by over 900% since year end.
Hut 8 Mining Corp. (TSX:HUT) – $1.42
Hut 8 Mining is a Canada-based cryptocurrency miner. Hut 8 wants to become the biggest cryptocurrency miner, by using its BlockBox AC manufactured in partnership with Bitfury to mine Bitcoins using conventional datacenter infrastructure. Hut 8 currently operates a total of 73 BlockBox Data Centers, including 56 BlockBoxes at its facility in CMH, Alberta, with each BlockBox having 1.2 MW of capacity, representing an aggregate of 67.2 MW of maximum operating power capacity. Hut 8 has a total maximum operating power capacity of 85.9 MW and an average actual operating hash rate of…