Top 5 Canadian Blockchain Stocks (Updated July 2023)

Year-to-date gain: 456.6 percent; market cap: C$83.28 million; current share price: C$2.95

Digihost Technology is a blockchain technology company focused on Bitcoin mining. Its goals are to increase its mining hashrate, 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 of this year, the company completed another milestone in its digital infrastructure expansion with the acquisition of a 60 megawatt power plant in New York state, which increased Digihost's operating capacity to nearly 100 megawatts. The company projects that total capacity will be fully deployed by the end of Q3 this year.

Year-to-date gain: 375 percent; market cap: C$26.12 million; current share price: C$0.19

Cathedra Bitcoin develops and operates Bitcoin-mining infrastructure. The company's diversified Bitcoin-mining operations total 247 peta hashes per second across five locations in the US. After inking a new hosting agreement in early February, the company completed the installation of additional machines at its new facility in Washington and at an existing third-party hosting site in Tennessee. As of June 22 this year, Cathedra Bitcoin's hashrate totaled 382 peta hashes per second, giving the company the ability to produce approximately 29 Bitcoins per month.

Year-to-date gain: 329.06 percent; market cap: C$1.1 billion; current share price: C$5.02

One of the world’s largest cryptocurrency-mining companies, Hut 8 Mining holds more than 121 megawatts of existing power capacity, three digital asset data-mining facilities, five multi-tier data centers for high-performance computing and more than 400 commercial high-performance computing customers.

Hut 8 mined 3,568 Bitcoin in 2022, up 28.1 percent from 2021’s output. As of June 30, Hut 8 held 9,136 Bitcoins.

Hut 8 is currently undergoing a merger with US Bitcoin. "We continue to make progress toward closing the transaction with USBTC and look forward to securing SEC clearance for New Hut's registration statement in the near term," said Hut 8 CEO Jaime Leverton. "We believe that once completed, the merger will establish a strengthened, dynamic business backed by both Bitcoin and fiat revenues generated from robust North American-wide operations."

Year-to-date gain: 317.24 percent; market cap: C$580 million; current share price: C$2.42

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 hydroelectricity and long-term power contracts.

In 2022, Bitfarms' Bitcoin production grew by 50 percent over the prior year to reach 5,167 units. For 2023, acquisitions and operational expansions have allowed the company to target an increased hashrate of 6.3 exahashes per second by the end of the third quarter of the year.

Year-to-date gain: 292.59 percent; market cap: C$87.19 million; current share price: C$0.53

DMG Blockchain Solutions is a vertically integrated blockchain and cryptocurrency company that delivers end-to-end digital solutions to monetize the blockchain ecosystem. The firm has two business segments: Core and Core+. The Core segment derives revenue from providing crypto infrastructure and services to industrial clients, while the Core+ segment represents a recurring revenue stream through software and services.

In June, DMG mined 53.2 Bitcoins with a 0.71 exahash per second realized hashrate. The company’s Bitcoin balance as of June 30 was 509 Bitcoins.