Top 5 Bitcoin Mining Stocks – Best Bitcoin Mining Companies to Invest in in 2024
Bitcoin mining stocks can be an interesting option for the portfolio of investors who are bullish on cryptocurrencies. These stocks offer an alternative way to gain exposure to Bitcoin and may outperform BTC in certain circumstances.
Top 5 Bitcoin Mining Stocks for 2024
As the next Bitcoin halving approaches, the Bitcoin mining topic is likely to see a significant increase in exposure. Therefore, it is important to stay up to date with the latest developments in the Bitcoin mining industry.
Without further ado, let’s take a look at our list of the best Bitcoin mining stocks for 2024. We focus on publicly traded Bitcoin mining companies in the United States, making them accessible to any American investor.
- Marathon Digital Holdings – America’s largest Bitcoin mining company
- CleanSpark – Bitcoin miner focused on low-carbon energy sources
- Riot Blockchain – Major Bitcoin miner with over 100,000 miners
- Cipher Mining – Bitcoin mining company founded by Bitfury
- Core Scientific – Bitcoin Miner Reemerges from Bankruptcy
1. Marathon Digital Holdings – America’s largest Bitcoin mining company
Marathon is a major US-based Bitcoin mining company, boasting an operational hash rate of 28.7 EH/s as of February 29, 2024. Marathon’s mining fleet, spread across 11 mining facilities, has an impressive efficiency of 24.5 J/TH.
The company is listed on the Nasdaq stock exchange under the symbol MARA. As of April 2, 2024, Marathon’s market capitalization is approximately $5.35 billion, making it the most valuable U.S. listed Bitcoin mining company.
Marathon is also known for holding a significant amount of Bitcoin in its treasury. As of February 29, 2024, Marathon holds 16,930 BTC, which is equivalent to $1.11 billion at the current Bitcoin price ($65,700).
In March 2024, Marathon unveiled a new two-stage immersion cooling system for data centers called the MARA 2PIC700.
| ticker | Mara |
| stock | $19.86* |
| location | USA |
| hash rate | 28.7EH/s (February 2024) |
2. CleanSpark – Bitcoin miner focused on low-carbon energy sources
CleanSpark is a US-based Bitcoin mining company that focuses on mining using low-carbon energy sources such as wind, solar, nuclear, and hydropower.
The company is fostering a sustainable energy framework by purchasing premium renewable energy credits and connecting them to low-carbon power sources on the grid.
The company mines Bitcoin at nine locations primarily in the southern United States. CleanSpark owns and operates eight mining operations and uses colocation services provided by one mining operation.
CleanSpark is publicly traded, listed on the NASDAQ stock exchange under the ticker symbol CLSK. As of this writing, CleanSpark has a market capitalization of $3.86 billion.
As of March 2024, CleanSpark has 133,963 ASIC miners and has achieved an efficiency of 24.6 J/TH. The hashrate capacity of the company’s vehicle was 16.4EH/s. The company also held over 5,000 BTC worth of Bitcoin.
| ticker | CLSK |
| stock | $16.93* |
| location | USA |
| hash rate | 16.4EH/s (March 2024) |
3. Riot Blockchain – Major Bitcoin miner with over 100,000 miners
Riot Platforms, formerly known as Riot Blockchain, is one of the leading Bitcoin mining companies in the United States, boasting over 100,000 ASIC miners. The company has proven its ability to generate consistent profits and has been expanding at a rapid pace.
In addition to mining Bitcoin with its own ASIC miners, Riot Blockchain also provides infrastructure for Bitcoin mining and data center hosting. This is specifically aimed at institutional customers, facilitated by the first large-scale Bitcoin mining center located in Rockdale, Texas.
The facility boasts a total development capacity of 700 megawatts and demonstrates Riot Blockchain’s commitment to supporting the broader Bitcoin mining ecosystem and scalability to meet institutional needs.
Riot signed a purchase agreement with ASIC miner manufacturer MicroBT to purchase 8,320 M56S++ miners and 24,960 M56S++ miners. The same deal also gives Riot the option to purchase up to 66,560 additional M56S++ miners until December 31, 2024.
| ticker | riot |
| stock | $10.73* |
| location | USA |
| hash rate | 12.4EH/sec (February 2024) |
4. Cipher Mining – Bitcoin mining company founded by Bitfury
Cipher Mining is an American Bitcoin mining company that operates data centers used for Bitcoin mining and focuses on strengthening the infrastructure that supports the Bitcoin network. Cipher Mining is a subsidiary of Bitfury.
As of March 2024, Cipher Mining has deployed approximately 70,000 mining rigs and has an operational hash rate of 7.6EH/s. This allowed the company to mine 316 BTC in one month.
Cipher Mining is listed on NASDAQ and trades under the symbol CIFR. The company’s market capitalization is relatively small at $1.25 billion, making it an attractive option for those looking to invest in smaller Bitcoin mining companies.
| ticker | CIFR |
| stock | $4.18* |
| location | USA |
| hash rate | 7.6EH/sec (March 2024) |
5. Core Scientific – Bitcoin Miner Reemerges from Bankruptcy
Core Scientific is a Bitcoin mining company founded in 2017. The company is listed on the NASDAQ stock exchange and trades under the ticker symbol CORZ.
Core Scientific operates six data centers across the United States. In addition to using its data centers to mine Bitcoin, the company also offers premium hosting services.
Core Scientific’s market capitalization is very low at $588 million. It is one of the smallest US-listed Bitcoin mining companies by market capitalization.
It is worth noting that Core Scientific filed for bankruptcy in December 2022, citing factors such as low Bitcoin prices and soaring energy costs. However, a rise in Bitcoin prices in 2023 could help the company emerge from bankruptcy again. In January 2024, Core Scientific received approval to exit bankruptcy and implement a restructuring plan.
| ticker | Corz |
| stock | $3.30* |
| location | USA |
| hash rate | 18.9EH/sec (February 2024) |
conclusion
In 2023, the Bitcoin mining industry has experienced significant growth, with many leading companies in the sector seeing their value more than double during the year. Halving Bitcoin will reduce the amount of BTC miners earn, but it could help increase the price of BTC, which works to the advantage of mining companies.
If you want to delve deeper into the world of investing, be sure to check out our article comparing cryptocurrencies and stocks.