Top 10 Bitcoin Mining Stocks

Bitcoin mining stocks were some of the best gainers in 2023 and that same trend could trend in 2024.

The Valkyrie Bitcoin Miners ETF (NASDAQ: WGMI), an ETF that tracks the top Bitcoin mining stocks, greatly outperformed both the Invesco NASDAQ 100 (NASDAQ: QQQ) and SPDR S&P 500 ETF (NYSE: SPY) by a wide margin in 2023.

I personally buy Bitcoin using a trusted cryptocurrency exchange like Coinbase daily but I also hold Bitcoin mining stocks like Marathon Digital Holdings (NASDAQ: MARA) and CleanSpark (NASDAQ: CLSK) to gain exposure to this new and fast-growing industry.

If you just want to invest in the broader Bitcoin mining industry without choosing an individual stock then buy into the Valkyrie Bitcoin Miners ETF (NASDAQ: WGMI).

WGMI holds 22 different companies with exposure to Bitcoin mining and charges an expense ratio of 0.75%. Here’s a screenshot of the latest holdings:

Why Invest in Crypto Mining Stocks?

There are several reasons to consider investing in crypto mining stocks:

  • Crypto miners can deploy hundreds of thousands of miners to mine dozens of Bitcoins every day
  • Mined Bitcoins can be held by the crypto miner or sold into the Bitcoin market for a tidy profit
  • Crypto mining takes a lot of energy and space to deploy many miners. Crypto mining stocks are a good alternative for investors who are interested in mining Bitcoin but don’t have the resources or time.

Best Bitcoin Mining Stocks to Buy Now

I’ve put together a list of my favorite BTC mining stocks ranked with the highest Free Bitcoin Flow per month (As of November 30th 2023).

Company (Ticker) BTC Holdings Free Bitcoin Flow
Marathon Digital (MARA) 14,025 487
CleanSpark (CLSK) 2,575 258
BitFarms (BITF) 802 42
Cipher Mining (CIFR) 558 42
Hut8 (HUT) 9,129 16
Riot Blockchain (RIOT) 7,358 12

Free Bitcoin Flow is a metric based on Free Cash Flow that I use to determine which BTC mining companies are HODLing the most Bitcoin on a monthly basis.

Free Bitcoin Flow is calculated by subtracting the amount of BTC sold to cover expenses from the total BTC mining output every moth.

1. Marathon Digital Holdings (NASDAQ: MARA)

Marathon Digital is probably my favorite Bitcoin mining stock because the company holds the most BTC out of all publicly traded Bitcoin mining companies and plans to rapidly expand its current crypto mining operations in 2024.

Marathon purchased 4,812.66 BTC for a total investment of $150 million back in January 2021 when the company decided to invest heavily in the Bitcoin mining industry.

2023 was a record year for Marathon with Bitcoin production up a whopping 846% YOY to 3,197 BTC.

Right now as of January 2022, Marathon deploys 32,350 Antminer S-19 Pro miners but will expand to 199,000 by the end of Q1 2023. Marathon mines around 15 BTC daily but could mine over 100 Bitcoins per day once scaled to full capacity.

Once all 199k miners are fully deployed, I estimate Marathon will generate at least $90 million in monthly revenue and over $1 billion in annual revenue at current Bitcoin prices.

Marathon also has one of the strongest balance sheets in the Bitcoin mining industry with $241 million in cash. While other mining companies sell Bitcoin from time to time to generate revenue, Marathon is a long-term HODLer that plans to stack Bitcoin instead of sell for short time profits.

With just a $6 billion market cap, Marathon Digital is grossly undervalued in respect to its long-term crypto mining output.

2. CleanSpark (NASDAQ: CLSK)

Cleanspark is a sustainable Bitcoin mining company based out of Nevada (USA) with a fast-growing miner fleet.

The company was founded by current CEO Zachary Bradford (@ZachKBradford) and ranks as the #2 Bitcoin mining company in terms of Free Bitcoin flow behind only Marathon Digital (NASDAQ: MARA).

All of CleanSpark’s 6 Bitcoin mining centers are located in Georgia (USA) and New York (USA).

In CleanSpark’s November 2023 Update, the company deployed over 88,000 miners and surpassed the 10 EH/s hash rate for the first time.

As of November 2023, CleanSpark holds 2,575 BTC on its balance sheet and doesn’t plan to dilute shareholders moving forward to cover its expenses. The company simply sells enough Bitcoin to cover its expenses while HODLing the rest of its BTC mining rewards.

CleanSpark is well capitalized with $29.2 million in cash and $110 million in BTC holdings. Total liquidity is around $140 million while the company just $15.9 million in total debt (As of Q3 2023).

My 2024 CLSK stock price prediction is around $30 to $50 per share as the 2024 Bitcoin halving event approaches soon.

3. BitFarms (NASDAQ: BITF)

BitFarms is a Canadian Bitcoin mining company that holds the #3 ranking in terms of monthly Free Bitcoin Flow.

4. Cipher Mining (NASDAQ: CIFR)

Cipher Mining is a small but growing Bitcoin mining company led by CEO Tyler Page (@rftylerpage).

As of November 2023, the company deployed 70,000 mining rigs with a 7.2 EH/s hash rate. Cipher Mining’s Free Bitcoin Flow is ranked #4 out of all the BTC mining companies in this article even though the company’s BTC stash stands at 588.

On December 18th, 2023, Cipher Mining entered an agreement with Bitcoin to purchase 37,396 Antminer T21 BTC miners with an option to purchase an additional 45,706 miners. This agreement could more than 3x the company’s hash rate to 24.2 EH/s and boost the company’s monthly Free Bitcoin flow.

4. Hut8 (NASDAQ: HUT)

Hut8 is one of the largest Bitcoin mining companies on the NASDAQ with more self-mined BTC holdings than any other publicly-traded company.

As of October 31st 2023, Hut8 currently holds 9,133 BTC in its reserves.

The only issue with Hut8 is that the company has one of the lowest hashrates out of all publicly traded Bitcoin mining companies at just 2.6 EH/s. Due to its low hashrate, Hut8 only mined 112 in October 2023.

Our Rating: BUY

2. Riot Blockchain (RIOT)

Riot Blockchain is another Bitcoin miner with around 30,000 S-19 Pro Antminers in operation. Once Riot reaches full capacity, the company will have 120,000 miners by the end of Q4 2022.

As of October 31st 2023, Riot Blockchain holds 7,345 BTC that were all acquired via mining operations.

Riot Blockchain holds around $71 million in cash so it will be interesting to see if they raise more capital to fund expansion through share dilution.

With just a $2 billion market cap, Riot is grossly undervalued as well although I like Marathon’s more aggressive approach to mining.

Our Rating: BUY

3. Canaan (CAN)

Canaan is a China based crypto mining hardware manufacturer that sells mining machines to companies.

Canaan’s AvalonMiner1246 has received over 100,000 preorders from customers all over North America s crypto currency mining booms.

Canaan should see a massive boost in revenue because Bitcoin will continue to attract miners as BTC soars in price.

Just like the California gold rush attracted gold miners in the 1800’s, Bitcoin will attract more miners with rising valuations.

5. Greenidge (GREE)

Greenidge went public via a merger with to help the company expand its Bitcoin mining output. The company bought 10,000 S19j Pro miners from Bitmain for its newly planned mining facility in South Carolina.

7. Core Scientific (CORZ)

Core Scientific is the largest Bitcoin mining company in North America that completed its SPAC merger in January 2022.

The company operates 2 different business models, self-owned Bitcoin mining and 3rd party miner management, making it more balanced in terms of revenue.

As of January 2022, Core Scientific operates 67,000 self-owned miners as well as 80,000 miners for 3rd party clients.

The company holds 5,300 BTC on its balance sheet and ended Q4 with a massive 2,498 BTC mined.

Core Scientific has aggressive plans to increase its revenue and reach over $1 billion in total revenue in 2022.

CORZ has the highest market cap out of all Bitcoin mining companies with around $190 million in cash available after the merger.

Our Rating: HOLD

8. BitFarms

Bitfarms is a Canadian-based Bitcoin mining company that plans to quickly scale its Bitcoin mining fleet in 2022.

The company achieved record BTC mining production with 3,042 Bitcoin mined in 2021 at 2.2 EH/s.

Bitfarms operates 27,000 miners and currently holds 4,300 BTC in custody.

9. Bit Digital (BTBT)

Bit Digital is a Bitcoin mining company with operations in the United States and Canada.

As of Q4 2021, the company deployed over 28,000 miners despite decreasing its fleet due to Bitcoin miner machines sales.

10. Hive Blockchain (HIVE)

Hive Blockchain is a crypto mining company based out of Canada & Europe that mines both Bitcoin and Ethereum.

The company is the only crypto miner on the list with interests in altcoins like Ethereum so it’s a good choice if you are a strong ETH bull.

Frequently Asked Questions

Bitcoin mining is how new Bitcoins circulate within the digital crypto system. Miners provide the necessary power and solve mathematical equations to unlock Bitcoins as a reward.

Ever since the Federal Reserve began printing currency to ease the blow of the global pandemic, we’ve seen a surge in crypto mining companies who wish to profit from rising Bitcoin prices.

Most crypto miners deploy miners such as the Antmain s29 to mine Bitcoin at a specific hashrate. The higher the hashrate, the faster a miner can receive Bitcoin.

Yes. I fully believe Bitcoin will eventually hit $500,000 in the future and we’ll see an explosion of crypto innovations and new useful technologies.

Crypto miners can continue mining Bitcoin as it rises in price over time because each of these companies owns a large number of miners that constantly work to mine BTC.

What are Bitcoin Crypto Mining Stocks?

Many investors are buying up Bitcoin crypto stocks like crazy but there is a ton of hidden value in these little-known crypto mining companies.

Which Bitcoin Mining Stocks Should You Own?

I personally own shares of Marathon Digital (MARA) and CleanSpark (CLSK).

Where to Buy Bitcoin Mining Stocks

You need a brokerage account to buy and sell crypto mining stocks. Here are some of my recommended stock trading apps:

  • US Residents: Fidelity or Webull
  • Non-US Residents: FIrstrade

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