Best 5 Cryptocurrency Mining Stocks to Watch or Buy Now

If you are intimidated or reluctant to invest in the crypto space but cannot resist its rapid growth, then crypto mining stocks are the safer alternative. These stocks are issued by companies that mine digital currencies or sell crypto mining equipment. With cryptocurrencies witnessing massive adoption in recent years, we believe this is the appropriate time to invest in crypto mining stocks.

Should You Invest in Bitcoin or Crypto Stocks?

If you compare Coinbase’s stock COIN and Bitcoin, you will realize that the former is almost in sync with the latter. In other words, COIN’s price follows the move of Bitcoin. Therefore, crypto stocks are also subject to high volatility experienced in the Bitcoin market.

So, should you still invest in crypto stocks? As mentioned, such stocks are suitable for investors who do not prefer holding Bitcoin but see the potential of the crypto world. Moreover, considering that the digital asset market is largely unregulated, you can opt for crypto stocks.

Now, let’s explore the top cryptocurrency mining stocks to consider investing in.

Best Crypto Mining Stocks

Marathon Digital Holdings

This company’s stock trades on NASDAQ as MARA. It has a market capitalization of $2.28 billion. Besides mining Bitcoin, Marathon Digital Holdings offers cryptocurrency custody services designed for whales. Last year, the firm incurred a massive loss of $5 million. However, with Marathon Digital Holdings announcing plans to expand its mining operations in 2024 ahead of Bitcoin halving, the current MARA prices seem to present the perfect opportunity to purchase the dip for investors who don’t mind holding the stock for a year or more.

Riot Blockchain

Riot Blockchain is listed on NASDAQ as RIOT, with a market cap of $2.22 billion. The company operates in two locations in the United States: New York and Colorado. Along with crypto mining, Riot Blockchain offers cryptocurrency accounting and smart contract auditing services. The company managed to mine 1,006 BTC in 2022. This year, the growing interest in the Bitcoin network helped Riot Blockchain increase its production by nearly 40%. If Bitcoin holds above $30,000 until the end of the year, the firm could generate approximately $43 million in revenue.

Hive Blockchain Technologies

The firm’s stock trades on OTC Markets under the symbol HVBTF. It has a market cap of $1.1 billion. Hive Blockchain Technologies has mining facilities in Canada and Iceland, which take advantage of the cheap hydroelectric and geothermal power. The company recently announced the purchase of over 4,500 S19K Pro ASIC miners from popular mining equipment manufacturer Bitmain as it prepares to expand its crypto mining operations ahead of the most-anticipated Bitcoin halving event. HVBTF is up 39% this year. The stock is expected to perform well over the coming months if interest in Bitcoin continues to grow.

Hut 8 Mining Corp

This firm’s stock is on OTC Markets as HUT. It has a market cap of $600.21 million. Last year, Hut 8 Mining Corp said it was holding over 3,000 BTC, most of which were self-mined. The mining company is able to mine about 1,350 Bitcoins annually. So if the BTC ends the year trading above $30,000, Hut 8 Mining Corp will record a yearly revenue of more than $40 million. Like most of its competitors, this mining firm has been purchasing more machines ahead of Bitcoin halving. HUT’s price is up over 100% this year. Analysts are optimistic that the stock will rise further after Bitcoin halved in April.

Bitfarms Limited

Bitfarms Limited’s stock trades on OTC Markets as BITF. It has a market cap of $300.5 million. The mining firm started operations in 2017 when BTC’s value was less than $10,000. Over the past two years, Bitfarms Limited has posted gross mining profits of over $10 million annually. The company has the capacity to mine 3,000 Bitcoin yearly. Therefore, it could record $90 million in revenue if Bitcoin stays above $30,000 until December 31. BITF is up 120% this year.