With cryptocurrency on the rise, here are four penny stocks to keep an eye on.
The market for cryptocurrency penny stocks is exploding right now. And, as a result of the bullish momentum in major cryptocurrencies such as Bitcoin and DogeCoin, the value of numerous penny stocks involved in crypto has risen in tandem.
There are numerous companies that work in crypto or blockchain that may be found on the stock market. Let’s dissect this further to get a better understanding.
What Are Crypto Penny Stocks, and Are They Worth Investing In?
Companies that mine cryptocurrency are at the top of the list. For obvious reasons, these are the most highly associated with the crypto industry. Keep in mind that due to the overall volatility of the cryptocurrency business, these penny stocks tend to be more volatile than others.
Companies that operate on cryptocurrency-related technology are a step down from this. This could include the manufacture of Bitcoin mining machines, mining-related technology, and so on. Finally, there are companies working in blockchain technology.
While you may believe that blockchain and cryptocurrency are the same things, they are not. The underlying technology that permits cryptocurrencies to function is known as the blockchain. In addition, cryptocurrency is a product of blockchain technology.
While blockchain technology has many applications, including decentralized banking and other decentralized prospects, cryptocurrency is just an alternative to the conventional currency. With that in mind, let’s take a look at four cryptocurrency penny stocks to keep an eye on right now.
4 Crypto Penny Stocks to Keep an Eye on in October 2021
- LM Funding America Inc. (NASDAQ: LMFA)
- Greenpro Capital Corp. (NASDAQ: GRNQ)
- Ebang International Holdings Inc. (NASDAQ: EBON)
- NXT-ID Inc. (NASDAQ: NXTD)
Crypto Penny Stocks to Watch: LM Funding America Inc. (NASDAQ: LMFA)
LMFA stock is a penny stock that has made significant progress in the last year or two. Shares of LMFA stock have risen by more than 11% in the last five days, with a one-year increase of about 50%. During pre-market trading today, LM Funding made interesting news.
But first, let’s go over what LMFA is all about. LM Funding is a finance firm that gives capital to technology-based businesses. This includes its entry into the blockchain space through its subsidiary, U.S. Digital Mining and Hosting Co.
LM Funding announced today that it had purchased an additional 4,000 S19J Pro Antiminer Machines valued $25.3 million from Bitmain. The corporation had previously paid $6.3 million for 1,000 of these computers.
According to LM Funding, once the 5,000 machines are delivered, they will be able to mine 504 petahash, which could yield about 100 Bitcoin every month.
“In September, we began to purchase Bitcoin mining machines as a cost-effective way to purchase Bitcoin assets at a risk-adjusted asset exposure to the ecosystem while generating positive operating income.
Our initial plans have expanded with the purchase of an additional 4,000 miners at favorable prices. We plan to run all of our mining machines with low carbon energy housed in custom build containers purchased from Bit5ive.”
Bruce M. Rodgers, the CEO of LM Funding