Top 5 Canadian Blockchain Stocks (Updated February 2023)

Year-to-date gain: 385.71 percent; current share price: C$0.17

MetaWorks Platforms is a software solutions provider with a full-service blockchain and Web3 development platform that allows enterprises to develop and integrate blockchain and cryptocurrency technologies into their operations. The company says it is “uniquely positioned to help Fortune 5,000 companies build Web3 and metaverse strategies with a regulatory compliant platform.”

Year-to-date gain: 367.92 percent; current share price: C$2.41

Digihost Technology is a blockchain technology company focused on bitcoin mining. Its goals are to increase its mining hash rate, reduce its energy costs and increase the number of bitcoins it can mine and hold.

Digihost reported a 60 percent increase its bitcoin production in 2022 compared to 2021, producing 832 units during the period. On February 8, the company completed another milestone in its digital infrastructure expansion with the acquisition of a 60 megawatt power plant in New York state. The power plant will allow Digihost's operating capacity to reach close to 100 megawatts. As of February 2, the company's hash rate was approximately 715 petahashes per second (PH/s).

Year-to-date gain: 237.5 percent; current share price: C$0.135

Cathedra Bitcoin develops and operates bitcoin-mining infrastructure. The company's diversified bitcoin-mining operations total 247 PH/s across five locations in the US. After inking a new hosting agreement in early February, Cathedra Bitcoin said it expects its operations to achieve an active hash rate of at least 378 PH/s.

Year-to-date gain: 148.28 percent; current share price: C$1.44

Founded in 2017, Bitfarms is a vertically integrated bitcoin miner with 10 mining facilities across Canada, the US, Paraguay and Argentina. Its bitcoin production is predominantly powered by hydroelectric power and long-term power contracts.

In 2022, Bitfarms' bitcoin production grew by 50 percent over the year before to reach 5,167 units. That growth in output has continued into 2023, with the company reporting 486 coins mined in January, up 61 percent compared to the same period a year ago.

Year-to-date gain: 127.35 percent; current share price: C$2.64

Hut 8 Mining is focused on mining and holding bitcoin, and claims to have one of the highest installed capacity rates in the industry. The company has three mining sites in the Canada's Alberta and Ontario provinces, and says that it holds more self-mined bitcoin than any crypto miner or publicly traded company globally.

As of January 31, Hut 8's total bitcoin balance held in reserve was 9,274 units. On February 7, the company announced a merger with US Bitcoin, saying the new entity will have about 825 megawatts of gross energy across six sites.