Interestingly, it was significantly higher than the market cap of most Canadian publicly listed companies, including TC Energy, Canadian Imperial Bank of Commerce, and BCE.
While cryptocurrencies like Bitcoin and Ethereum could be a much better alternative to Dogecoin, their extreme volatility makes them unsuitable for small investors.
Hut 8 mined about 2,798 Bitcoin in 2020 — about 68% lower than the 8,618 Bitcoin in 2019.
On the positive side, analysts expect its revenue to rise by nearly 368% in 2021 to more than $190 million.
Bitcoin’s price could start soaring again in the coming months due to its rising utility across the world that could trigger a rally in Hut 8 stock.
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