10 Bitcoin Mining Stocks to Watch

Key Takeaways

• Bitcoin mining is a competitive field dominated by large-scale operations using advanced hardware, and it is becoming increasingly challenging for smaller miners to compete.
• Investors can benefit from Bitcoin mining indirectly by investing in stocks of publicly traded Bitcoin mining companies, such as Riot Platforms and Marathon Digital.
• Companies like Riot Platforms and Bitfarms are expanding their operations while focusing on cost-effective and environmentally friendly solutions, making them attractive investment options.
• Despite controversies, Bitcoin mining companies like Stronghold and Greenidge Generation push for sustainability while facing legal and environmental challenges.

As of the latest halving, Bitcoin miners now receive 3.25 BTC for successfully mining a block. This reward drives the profitability of Bitcoin mining, but the process behind it is anything but simple.

Bitcoin mining involves using specialized hardware, such as mining rigs, to solve complex algorithms that validate transactions on the network. It’s a highly competitive space where miners race to claim rewards, and over time, the competition has pushed smaller miners out, leaving large-scale operations to dominate.

However, you don’t need expensive equipment or deep technical knowledge to benefit from this market. By investing in publicly traded Bitcoin mining companies, you can indirectly profit from the industry’s growth.

10 Top Bitcoin Mining Stocks To Watch

 Here are the top Bitcoin mining stocks to know about.

1. Riot Platforms, Inc. (RIOT)

Source

Country: USA
Stock Exchange: NASDAQ

Riot Platforms, Inc., a leading U.S. Bitcoin mining firm and one of the biggest crypto companies, was originally founded in 2000 as Bioptix, a biotechnology company specializing in diagnostic equipment. Under the leadership of Jason Les, the company shifted its focus to Bitcoin mining in 2017. Headquartered in Castle Rock, Colorado, Riot now operates extensive mining facilities across North America, with Texas as its primary hub.

Riot’s choice became a subject of discussion when the company bought Whinstone U.S. Inc. in 2021, a significant move towards growing its mining capability.  The company’s business activities mainly focus on Bitcoin mining, but it also offers blockchain services, diversifying its revenues. 

Apart from the facilities in North America, Riot is still seeking other ways to enhance its mining capacity while keeping the processes environmentally friendly and cost-effective.

The company has received criticism for the environmental effects of mining. However, it has also made efforts to decrease emissions; for instance, it is seeking ways to use green power to generate electricity for its plants. 

Riot is one of the best stocks for investors interested in Bitcoin mining because the firm focuses on growth and expansion in the crypto sector.

2. Marathon Digital Holdings, Inc. (MARA)

Source

Country: USA
Stock Exchange: NASDAQ

Marathon Digital Holdings, founded in 2010 and located in Las Vegas, Nevada, has quickly become one of the largest Bitcoin mining companies. 

The company’s CEO, Fred Thiel, has led it through a period of expansion; the mining division is among the largest in North America. MARA doubled its operational hash rate in June due to operational improvements and facility upgrades. The company’s mining pool outperformed other pools, capturing 158 blocks. 

Despite a 40% decrease in Bitcoin production to 590 due to the halving, transaction fees accounted for nearly 7% of the total. MARA is focusing on domestic site optimization and international expansion, including a pilot project in Finland to use recycled heat from digital asset computing for district heating. 

Around the same period, MARA received an order to pay $138 million in damages for breaching a non-disclosure agreement with a competitor’s executive. Despite the fine, the company’s shares showed little reaction in the market, proving its market leader status. 

3. Hut 8 Mining Corp. (HUT)

Source

Country: Canada
Stock Exchange: NASDAQ, Toronto Stock Exchange

Toronto, Canada-based Hut 8 Mining Corp is one of the largest Bitcoin mining companies in the country. Established in 2017, Hut 8 has grown among the best due to its high-performance computing and Bitcoin mining services. 

Leverton, the company’s CEO, has been managing the business model of mining facilities and data centers for enterprise customers. 

This dual focus assists Hut 8 in managing the risks associated with the cryptocurrency market and consistently generating revenues. The company also has a competitive advantage by using renewable energy sources in mining. 

In mid-2024, Hut 8 received $150 million from Coatue as an investment into their AI infrastructure business. The company plans to use the investment to develop complex energy infrastructure to address the shortfall in the AI infrastructure market. 

4. Bitfarms Ltd. (BITF)

Source

Country: Canada
Stock Exchange: NASDAQ

Established in 2017 and based in Toronto, Bitfarms Ltd. is one of the fastest-growing companies in Bitcoin mining. It has a network of several farms across Canada and is expanding in South America, where it has a massive farm in Argentina. 

The company CEO, Geoffrey Morphy, oversees cost reduction and efficiency in mining processes. Bitfarms’s other strength is its ability to mine using hydroelectric power. 

Cheap power allows the company to cut its operations costs and reduce its effect on the environment.

Bitfarms is one of the most active firms in this regard, and it is still searching for ways to increase its mining capacity and location. Its focus makes it ideal for investors since it is dedicated to sustainable practices and has a growing international market.

The company isn’t without its controversies, facing significant challenges in 2024. Despite these setbacks, the company remains committed to its growth and expansion plans. One of the key strategies Bitfarms is pursuing is diversification. The company has been exploring opportunities in high-performance computing (HPC) and artificial intelligence (AI) to reduce its reliance on Bitcoin mining alone. This diversification will help Bitfarms mitigate risks associated with fluctuating cryptocurrency prices and secure long-term revenue streams.

However, Bitfarms governance and leadership controversies overshadow its future plans. Riot Platforms, a major shareholder, has opposed Bitfarms’ leadership, accusing them of poor corporate governance and attempting a hostile takeover. These disputes have created significant uncertainty and distractions for Bitfarms, potentially hindering its ability to execute its growth strategy effectively.

5. Argo Blockchain (ARBK)

Source

Country: UK
Stock Exchange: NASDAQ

Founded in 2017, Argo Blockchain is a UK-based cryptocurrency mining company with a global reach. Headquartered in London, Argo has quickly become one of the leading Bitcoin miners in the world. 

Peter Wall, the company’s CEO, emphasizes the importance of sustainable mining practices. Argo is making significant strides in using renewable energy sources to power its operations. While Bitcoin mining is the company’s primary focus, it has also explored mining other cryptocurrencies like Ethereum, diversifying its revenue streams.

Argo Blockchain’s journey from 2023 to 2024 reflects strategic adjustments and operational achievements. In September 2023, Argo saw a 34% increase in Bitcoin mining production, benefiting from improved operations and power credits, marking a positive shift. The success was short-lived, as Argo had to confront new realities in 2024. 

The company sold its Quebec data center for $6.1 million to reduce debt, highlighting a strategy to maintain financial stability amid declining Bitcoin prices and production. Despite these struggles, by mid-2024, Argo blockchain received an upgraded status from Zacks Ranks, which reflects an upward trend in earnings estimates, a powerful forces impacting stock prices.​

6. Cipher Mining Inc. (CIFR)

Source

Country: USA
Stock Exchange: NASDAQ

Cipher Mining, launched in 2021 as a subsidiary of the Bitfury Group, is a Bitcoin mining company based in New York. Its CEO, Tyler Page, leads the company, focusing heavily on Bitcoin mining as its core business. However, Cipher is also expanding into energy-efficient data centers, a move reflected in its recent purchase of a 300 MW facility in Texas. The acquisition bolsters its capacity to mine Bitcoin at lower energy costs, a key advantage in an industry where profitability can depend on minimizing operational expenses.

While Cipher is predominantly known for its mining operations, the company has not been free of controversy. Director Cary Grossman recently sold 65,000 shares, sparking concerns about insider confidence in the company’s future. Nevertheless, Cipher has continued to expand its infrastructure and capabilities in the face of these challenges.

In terms of future growth, Cipher focuses on maintaining its position as a leading player in the U.S. Bitcoin mining industry while exploring sustainable energy solutions to make mining more cost-efficient and environmentally responsible. 

7. CleanSpark, Inc. (CLSK)

Source

Country: USA
Stock Exchange: NASDAQ

CleanSpark, launched in 2014, is a leading energy technology company specializing in Bitcoin mining. CEO Zach Bradford oversees operations, and the company’s headquarters is in Henderson, Nevada. CleanSpark primarily focuses on Bitcoin mining and provides energy solutions, making mining one of several income streams. The company is strongly committed to sustainable energy, using renewable sources to power its mining facilities.

In recent years, CleanSpark has made significant moves in the mining space. It increased its Bitcoin treasury by 567% since 2023, a clear sign of growth in its crypto operations. A major development in 2024 was the company’s deal to acquire 160,000 Bitmain S21 miners, boosting its mining capacity. CleanSpark’s rapid expansion positions it as a major player in the Bitcoin mining industry.

8. Greenidge Generation Holdings Inc. (GREE)

Source

Country: USA
Stock Exchange: NASDAQ

Greenidge Generation Holdings Inc. (GREE), led by CEO Jordan Kovler, is a vertically integrated company headquartered in Dresden, New York. Launched in 2014, Greenidge initially focused on natural gas power generation from a former coal-fired plant. However, in 2019, they expanded into cryptocurrency mining, becoming a major player in Bitcoin mining.

Their recent activities haven’t been smoother sailing. In August 2024, the New York Department of Environmental Conservation (DEC) denied Greenidge’s air permit renewal, citing environmental concerns. Facing closure, Greenidge sued the DEC in an attempt to keep their Bitcoin mining operations running at the Dresden plant. The legal battle highlights the ongoing debate surrounding the environmental impact of cryptocurrency mining. 

Despite these controversies, Greenidge recently announced it would begin retaining a portion of its self-mined Bitcoin, suggesting long-term confidence in the cryptocurrency’s future.

9. Stronghold Digital Mining, Inc. (SDIG)

Source

Country: USA
Stock Exchange: NASDAQ

Stronghold Digital Mining, founded in 2021, focuses on Bitcoin mining while utilizing waste coal reclamation to power its operations. 

CEO Greg Beard leads the company, which is based in Pennsylvania. Stronghold primarily runs mining facilities at two plants in the state. Its business model stands out because it generates energy by burning mining waste, which the company promotes as an environmentally friendly way to clean up pollution.

However, Stronghold has faced controversy, especially around its environmental claims. In August 2023, The Guardian reported on a proposed expansion to burn used tires at one of their plants to fuel cryptocurrency mining. The plan raised significant concerns about potentially releasing harmful pollutants, sparking opposition from environmental groups. 

Additionally, in April 2024, Stronghold responded to a lawsuit accusing the company of environmental violations at its mining facilities. The company denied the allegations, emphasizing its commitment to sustainable energy practices.

While mining remains Stronghold’s core business, the company’s involvement in waste coal and possible tire-burning operations highlights its dual role as a cryptocurrency miner and energy producer, which has drawn attention and scrutiny.

10. Iris Energy (IREN)

Source

Country: Australia
Stock Exchange: NASDAQ

Iris Energy, a Bitcoin mining company, was founded in 2018 and is headquartered in Sydney, Australia. The company focuses on sustainable energy solutions, particularly for powering its mining operations. Iris Energy’s CEO, Daniel Roberts, has led the firm towards using renewable energy sources to mine Bitcoin, setting it apart from competitors.

While Bitcoin mining is its primary operation, Iris Energy also explores other avenues, such as data center management, reflecting its broader interest in energy-efficient infrastructure. In 2023, the company increased its mining output by 10%, further solidifying its place in the Bitcoin mining industry.

However, Iris Energy has faced some controversies, primarily related to the cryptocurrency market’s volatility. Like many mining firms, the company has navigated fluctuating Bitcoin prices and regulatory scrutiny. Despite these challenges, Iris Energy remains committed to sustainable practices, continuously investing in renewable power sources.

The firm’s focus on sustainability has attracted attention, positioning it as a leader in eco-friendly Bitcoin mining. It remains active in efforts to scale operations while maintaining its commitment to green energy solutions.

Which Company Mines The Most Bitcoin?

AntPool, a mining pool run by Bitmain, currently leads Bitcoin mining. While it’s not publicly traded, it receives backing from Bitmain, a major Bitcoin mining hardware manufacturer. AntPool’s dominance comes from its extensive access to top-tier hardware, primarily Bitmain’s ASIC miners, which are considered some of the most efficient in the industry.

Bitmain and AntPool

Bitmain, founded in 2013, is headquartered in Beijing, China. It is known for its powerful Antminer series – the most widely used mining hardware globally. 

AntPool, Bitmain’s mining pool, controls a substantial portion of the global Bitcoin hashrate, regularly competing with other major mining pools like F2Pool and Poolin.

According to the most recent data, AntPool has a market share of over 25% of Bitcoin mined daily. Given its private status, Bitmain does not offer shares to the public, but its massive influence on the Bitcoin mining ecosystem is undeniable.

Which Company Owns the Most Bitcoin?

MicroStrategy holds the most significant amount of Bitcoin as of 2024. While MicroStrategy is not primarily a mining company, it has aggressively accumulated Bitcoin over the past few years. 

The firm, led by its CEO, Michael Saylor, holds over 252,220 BTC.

MicroStrategy’s strategic focus on Bitcoin ownership has made it a popular stock for investors looking to gain exposure to Bitcoin without directly buying or mining it. The company’s stock is on NASDAQ under the ticker MSTR.

While MicroStrategy is the largest publicly traded Bitcoin holder, several mining companies, such as Marathon Digital and Riot Platforms, also own significant reserves. However, their Bitcoin holdings pale in comparison to Microstrategy’s.

Bitcoin mining and ownership statistics suggest that the network and cryptocurrency could be dangerously centralized. Read our comprehensive article to find out more. 

Closing Thoughts

Bitcoin mining has evolved into a highly competitive industry, led by large-scale operations using advanced hardware. However, Investing in Bitcoin mining stocks has made it easier than ever for anyone to benefit from Bitcoin. These companies take care of the complex mining processes, allowing investors to focus on the potential profits.

The trend is opening up opportunities for people who might have hesitated before, drawing in more investments from those looking to diversify. By investing in mining stocks, more individuals are getting exposure to Bitcoin, which, in turn, is bringing more attention and growth to the broader cryptocurrency space.

With easy access and low technical barriers, Bitcoin mining stocks offer a simple way to participate in this growing market.