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    Fastest growing cryptos

    These are the crypto mining stocks with the highest year-over-year (YOY) sales growth for the most recent quarter. Rising sales can help investors identify companies that are able to grow revenue organically or through other means, and find growing companies that have not yet reached profitability. In addition, earnings per share can be significantly influenced by accounting factors that may not reflect the overall strength of the business. However, sales growth can also be potentially misleading about the strength of a business, because growing sales on money-losing businesses can be harmful if the company has no plan to reach profitability. The stocks of companies whose revenue growth exceeded 2,500% were excluded from consideration as outliers.

    Fastest Growing Crypto Mining Stocks
     PriceMarket Cap ($M)Revenue Growth (%)
    Hut 8 Mining Corp. (HUT)$7.80$1,301825.6
    Canaan Inc. (CAN)$5.30  $905.0764.0
    Bitfarms Ltd. (BITF)$4.73 $885.6556.3
    • Hut 8 Mining Corp.: Hut 8 Mining is a Canada-based bitcoin mining company. The company uses specialized equipment in order to solve computational problems to validate transactions on the bitcoin blockchain. The company recently announced its production update for November 2021. Hut 8 Mining said that it mined 265 bitcoin during the month for an average production rate of approximately 8.8 bitcoin per day.2
    • Canaan Inc.: See above for company description.
    • Bitfarms Ltd.: Bitfarms is a Canada-based cryptocurrency mining company. In addition to mining operations, it offers onsite technical repair, data analytics, and electrical engineering and installation services. The company recently announced the appointment of Geoff Morphy as chief operating officer (COO) in addition to his current position as company president. Morphy has been Bitfarms’ president since 2020.3

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