1 Promising Nasdaq Stock for Cryptocurrency Believers
China, once home to the majority of all the CPUs processing Bitcoin, has cracked down on Bitcoin "miners," spurring other mining companies from around the world to pick up the slack. Newly listed Canada-based Bitfarms (NASDAQ: BITF) is one of the biggest in North America, and while its shares are trailing Bitcoin prices over the last month, it stands poised to benefit from China's slow exit from the mining market. Even better, it's priced below publicly traded rivals Riot Blockchain (NASDAQ: RIOT) and Marathon Digital Holdings (NASDAQ: MARA) on nearly every measure.
China is helping them all out. Beijing has big plans for a digital renminbi, and it doesn't want Bitcoin's competition. After putting the regulatory squeeze on crypto in general for years, China's latest anti-miner move sent Bitcoin prices crashing, and drove the Bitcoin-making supply chain off mainland China to avoid the ensuing political risk. Now, Bitfarms and its fellow North American miners are swooping in to capitalize on this big change.
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Source Fool.com
