Tech
The 6 Biggest Cryptocurrency Mining Stocks in 2024
With Bitcoin and other digital stores of wealth gaining popularity, Bitcoin mining stocks offer another investment opportunity for those who believe in the future of this technology.
Although the cryptocurrency market is characterized by high volatility, analysts such as Peter Eberle, president and CEO of Castle Analytics, believe it could be a rewarding sector for investors this year and next.
“I saw (Bitcoin price) estimates of between $75,000 and $150,000, which I think are reasonable over the next 12 to 18 months,” Eberle told Investing News Network in a interview before the Bitcoin halving in April 2024.
Bitcoin set a new all-time high price of $73,115 on March 11 this year, and is trading above $69,000 as of May 30.
The global cryptocurrency mining market is expected to reach nearly $7 billion by 2032, growing at a compound annual growth rate of 12.9% between 2023 and 2032.
“The industry is expanding mainly due to the development of distributed ledger technologies and the increase in electronic venture capital investments,” note the precedence research. “Digital currency is now being used by developing nations as a means of financial transactions.”
Here Investing News Network profiles six cryptocurrency mining stocks publicly traded on North American exchanges. Bitcoin and Ethereum mining companies are listed in descending order of market capitalization, with data collected using TradingView stock screener on May 30, 2024.
US Cryptocurrency Stocks
1. Marathon Digital Holdings (NASDAQ:MARA)
Market capitalization: $5.47 billion
Marathon Digital Holdings was one of the first cryptocurrency mining companies to start trading on the NASDAQ. The digital asset company is focused on building the largest and lowest-cost mining operation in North America.
In his First quarter 2024 financial and operational report, Marathon shared that its hash rate for the quarter increased 142% year over year to 27.8 exahash per second (EH/s) and that its Bitcoin production increased 28% to 2,811 BTC. These factors, combined with the price of Bitcoin rising more than 55% during the quarter, helped the company’s revenue rise a whopping 223% to $165.2 million.
2. Riot Control Platforms (NASDAQ:RIOT)
Market capitalization: $2.9 billion
Bitcoin miner Riot Platforms is another of the relatively few cryptocurrency mining companies that trade on the NASDAQ. In addition to mining Bitcoin itself, the company has several subsidiaries that work on different aspects of the business, including one that hosts Bitcoin mining equipment for customers.
In the first quarter of this yearcontinued network difficulties led to a 36% reduction in Riot’s Bitcoin production compared to Q1 2023 data. However, robust Bitcoin price increases still allowed for an increase in total revenue year-over-year, standing at $79.3 million compared to $73.2 million in the same quarter of 2023.
Riot made an offer acquire its Canadian peer Bitfarmsas Bitfarms said underestimated the company. Riot recently became Bitfarm’s largest shareholder with a 10% stake.
3. Cipher Mining (NASDAQ:CIFR)
Market capitalization: $1.17 billion
Cipher Mining operates an industrial-scale ecosystem of Bitcoin mining data centers, offering Bitcoin mining services to customers around the world. At the time the company’s total self-mining capacity was 7.7 EH/s across all its sites early May 2024. Cipher says it is on track to reach approximately 9.3 EH/s by the end of the third quarter of 2024 and plans to expand further to approximately 25.1 EH/s by the end of 2025.
In Cipher’s first-quarter 2024 report, the company said it posted revenue of $48 million during the quarter, as well as record net income.
Canadian cryptocurrency mining stocks
Market capitalization: 1.11 billion Canadian dollars
Hut 8 Mining is one of the largest Bitcoin and Ethereum mining companies in the world. It has more than 884 megawatts of existing power capacity; 10 Bitcoin Mining, Hosting and Managed Services Facilities; and five high-performance computing data centers. At the end of March, the company’s self-produced Bitcoin held in income shares stood at 9,102.
Hut 8 extracted 716 Bitcoin in the first quarter of 2024, up 36.6% compared to production in the same period last year. Revenue reached $51.7 million, up $36.1 million year-over-year.
Market capitalization: 905.57 million Canadian dollars
Blockchain infrastructure company Bitfarms is one of the largest cryptocurrency mining operators in the Americas. The company has 12 Bitcoin mining facilities in Canada, the United States, Paraguay and Argentina.
In his first quarter 2024 report, Bitfarms highlighted total revenue of $50 million, up 67% year over year and 9% from $46 million in the fourth quarter of 2023. As of mid-May, the company had a hashrate of 7.0 EH/s, compared to 6.5 EH. /s since the end of the first quarter. Management believes Bitfarms is on track to achieve a hashrate of 21 EH/s this year.
After receiving an unsolicited takeover offer from Riot Platforms and competing ones from other companies, Bitfarms is conduct a strategic review to determine the best path to follow.
3. Hive Digital Technologies (TSXV:HIVE)
Market capitalization: 365.05 million Canadian dollars
HIVE Digital Technologies is a cryptocurrency mining company that operates mining facilities in Sweden, Canada and Iceland, mining digital assets such as Ethereum, Ethereum Classic and Bitcoin. The company was the first publicly traded cryptocurrency mining company, listing on the TSX Venture Exchange in 2017.
HIVE reported in early May that it is Bitcoin holdings settle at 2,400 BTC. At the end of April, the company had an ASIC mining capacity of 5.0 EH/s, up 6% from the end of the previous month.
This is an updated version of an article first published by Investing News Network in 2018.
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Securities Disclosure: I, Melissa Pistilli, have no direct investment interest in any of the companies mentioned in this article.
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