Many cryptocurrencies have generated dizzying gains in recent years. The price of a single Bitcoin (CRYPTO:BTC), the world’s top cryptocurrency, surged from just over $100 in Oct. 2013 to more than $54,000 today. Proponents of cryptocurrencies claim they’re more secure and stable than fiat currencies, which are backed by governments instead of algorithms.
Another way to play the cryptocurrency boom is to invest in chipmakers, since cryptocurrencies need to be mined with powerful chips. But Bitmain, which designs most of the ASIC (application-specific integrated circuit) chips used for mining Bitcoin, is still a privately held Chinese company.
Some investors might end their search with Bitmain, but plenty of other chipmakers could still benefit from the crypto mining boom. Let’s take a closer look at three of those companies: NVIDIA (NASDAQ:NVDA), AMD (NASDAQ:AMD), and Intel (NASDAQ:INTC).
A double-edged sword for NVIDIA
Traditional GPUs can no longer effectively mine Bitcoin for a profit, but they can still be