Bitcoin mining stocks can be an interesting option for the portfolio of investors that are bullish on cryptocurrency. These stocks provide an alternative way of gaining exposure to Bitcoin, and can even outperform BTC in certain contexts.
Top 5 Bitcoin mining stocks in 2024
As the next Bitcoin halving approaches, the subject of Bitcoin mining is likely to get a significant boost in exposure. Therefore, it’s important to stay up to date with the latest developments in the Bitcoin mining industry.
Without further ado, let’s explore our list of the best Bitcoin mining stocks in 2024. We’ve focused on Bitcoin mining companies that are publicly traded in the United States, which makes it possible for any US investor to invest in them.
- Marathon Digital Holdings – The biggest US-listed Bitcoin miner
- CleanSpark – A Bitcoin miner focused on low-carbon energy sources
- Riot Blockchain – A major Bitcoin miner with a fleet of over 100,000 miners
- Cipher Mining – A Bitcoin mining company launched by Bitfury
- Core Scientific – A Bitcoin miner that has re-emerged from bankruptcy
1. Marathon Digital Holdings – The biggest US-listed Bitcoin miner
Marathon is a major United States-based Bitcoin mining company, sporting 28.7 EH/s of operational hash rate as of February 29, 2024. Marathon’s mining fleet, which is distributed across 11 mining facilities, has an impressive efficiency of 24.5 J/TH.
The company is listed on the NASDAQ stock exchange under the ticker MARA. As of April 2, 2024, Marathon has a market capitalization of roughly $5.35 billion, which makes it the most valuable US-listed Bitcoin mining company.
Marathon is also notable for the significant Bitcoin holdings in its treasury. As of February 29, 2024, Marathon owned 16,930 BTC, which translates to $1.11 billion at the current Bitcoin price ($65,700).
In March of 2024, Marathon unveiled a new two-phase immersion cooling system for data centers called MARA 2PIC700.
| Ticker | MARA |
| Stock price | $19.86* |
| Location | United States |
| Hashrate | 28.7 EH/s (Feb 2024) |
2. CleanSpark – A Bitcoin miner focused on low-carbon energy sources
CleanSpark is a United States-based Bitcoin mining company that places an emphasis on mining with the use of low-carbon energy sources such as wind, solar, nuclear and hydro power.
The company is fostering a sustainable energy framework by buying premium renewable energy credits and connecting to low-carbon power sources on the grid.
The company mines Bitcoin across 9 operations, primarily in the Southern part of the United States. CleanSpark owns and operates 8 mining operations, and uses co-location services offered by one mining operation.
CleanSpark is publicly traded, as it’s listed on the NASDAQ stock exchange under the ticker CLSK. At the time of writing, CleanSpark has a market cap of $3.86 billion.
As of March 2024, CleanSpark had 133,963 ASIC miners in its fleet, and achieved an efficiency of 24.6 J/TH. The company’s fleet had a hashrate capacity of 16.4 EH/s. The company also had Bitcoin holdings of over 5,000 BTC.
| Ticker | CLSK |
| Stock price | $16.93* |
| Location | United States |
| Hashrate | 16.4 EH/s (Mar 2024) |
3. Riot Blockchain – A major Bitcoin miner with a fleet of over 100,000 miners
Riot Platforms, previously known as Riot Blockchain, is one of the leading Bitcoin mining entities in the United States, boasting more than 100,000 ASIC miners. The company has demonstrated a consistent ability to generate profit and has been on a fast track of expansion.
In addition to mining Bitcoin with their own ASIC miners, Riot Blockchain also provides infrastructure for Bitcoin mining and data center hosting. This is particularly aimed at institutional clients, facilitated through its inaugural large-scale Bitcoin mining center located in Rockdale, Texas.
This facility boasts a total developed capacity of 700 megawatts, showcasing Riot Blockchain’s commitment to supporting the broader Bitcoin mining ecosystem and its scalability for institutional needs.
Riot has a purchase agreement with ASIC miner manufacturer MicroBT through which the company has purchased 8,320 M56S++ miners and 24,960 M56S++ miners. Through the same deal, Riot also has the option to purchase up to 66,560 additional M56S++ miners until December 31, 2024.
| Ticker | RIOT |
| Stock price | $10.73* |
| Location | United States |
| Hashrate | 12.4 EH/s (Feb 2024) |
4. Cipher Mining – A Bitcoin mining company launched by Bitfury
Cipher Mining is a Bitcoin mining company in the US that’s focused on operating data centers used in Bitcoin mining and strengthening the infrastructure powering the Bitcoin network. Cipher Mining is a subsidiary of Bitfury.
As of March 2024, Cipher Mining had roughly 70,000 deployed mining rigs and an operating hash rate of 7.6 EH/s. This allowed the company to mine 316 BTC during the month.
Cipher Mining is listed on the NASDAQ, where it trades under the ticker CIFR. The company has a relatively small market capitalization of $1.25 billion, which could make it a compelling option for those that want to invest in a smaller Bitcoin mining company.
| Ticker | CIFR |
| Stock price | $4.18* |
| Location | United States |
| Hashrate | 7.6 EH/s (Mar 2024) |
5. Core Scientific – A Bitcoin miner that has re-emerged from bankruptcy
Core Scientific is a Bitcoin mining company founded in 2017. The company is listed on the NASDAQ stock exchange, trading under the ticker symbol CORZ.
Core Scientific operates 6 data centers across the United States. Besides using the data centers to mine Bitcoin, the company also offers premium hosting services.
Core Scientific has a very low market capitalization of $588 million, which makes it one of the smallest US-listed Bitcoin mining companies in terms of market cap.
It’s worth noting that Core Scientific filed for bankruptcy in December of 2022, citing low Bitcoin prices and surging energy costs, among other factors. However, the rising Bitcoin prices in 2023 allowed the company to re-emerge from bankruptcy. In January of 2024, Core Scientific received approval to exit bankruptcy and implement a restructuring plan.
| Ticker | CORZ |
| Stock price | $3.30* |
| Location | United States |
| Hashrate | 18.9 EH/s (Feb 2024) |
The bottom line
In 2023, the Bitcoin mining industry experienced significant growth, with many leading companies in the sector witnessing their values more than double over the course of the year. Although the Bitcoin halving will decrease the amount of BTC earned by miners, it could also help boost the price of BTC, which would work in favor of mining companies.
If you want to explore deeper into the world of investing, make sure to check out our article comparing crypto vs stocks.
