6 Biggest Crypto Mining Stocks in 2024

Market cap: US$5.47 billion

Marathon Digital Holdings was one of the first cryptocurrency-mining companies to begin trading on the NASDAQ. The digital assets company is focused on building North America’s largest and lowest-cost mining operation.

In its Q1 2024 financial and operational report, Marathon shared that its hash rate for the quarter increased by 142 percent year-over-year to 27.8 exahashes per second (EH/s) and that its Bitcoin production was up by 28 percent to 2,811 BTC. Those factors, in combination with the price of Bitcoin spiking more than 55 percent during the quarter, helped the company's revenues shoot up by a whopping 223 percent to US$165.2 million.

Market cap: US$2.9 billion

Bitcoin miner Riot Platforms is another one of the relatively few crypto mining companies trading on the NASDAQ. In addition to mining Bitcoin itself, the company has multiple subsidiaries working in different aspects of the business, including one that hosts Bitcoin-mining equipment for clients.

In the first quarter of this year, ongoing network difficulties led to a 36 percent reduction in Riot’s Bitcoin production compared to Q1 2023 figures. However, robust gains in the price of Bitcoin still allowed for an increase in total revenues year over year, coming in at US$79.3 million compared to U$73.2 million for the same quarter in 2023.

Riot made a bid to acquire its Canadian peer Bitfarms, which Bitfarms said undervalued the company. Riot recently became Bitfarm's largest shareholder at 10 percent.

Market cap: US$1.17 billion

Cipher Mining operates an industrial-scale ecosystem of Bitcoin-mining data centers, offering Bitcoin-mining services to customers worldwide. The company's total self-mining capacity was 7.7 EH/s across all of its sites as of early May 2024. Cipher says it's on track to reach approximately 9.3 EH/s by end of Q3 2024, and plans to expand further to approximately 25.1 EH/s by the end of 2025.

In Cipher's Q1 2024 report, the company shared that it saw revenue of US$48 million during the quarter, as well as record net income.

Market cap: C$1.11 billion

Hut 8 Mining is one of the largest Bitcoin and Ethereum mining companies in the world. It has more than 884 megawatts of existing power capacity; 10 Bitcoin mining, hosting, and managed services facilities; and five high performance computing data centers. As of the end of March, the company’s self-mined Bitcoin held in revenue stock stood at 9,102.

Hut 8 mined 716 Bitcoin in the first quarter of 2024, up 36.6 percent from its output in the same period last year. Revenue reached US$51.7 million, up by US$36.1 million year over year.

Market cap: C$905.57 million

Blockchain infrastructure firm Bitfarms is one of the largest cryptocurrency-mining operators in the Americas. The firm has 12 Bitcoin mining facilities across Canada, the US, Paraguay and Argentina.

In its first quarter 2024 report, Bitfarms highlighted total revenue of US$50 million, up 67 percent year over year and up 9 percent compared to US$46 million in Q4 2023. As of mid-May, the company had a hashrate of 7.0 EH/s, up from 6.5 EH/s from the end of Q1. Management believes Bitfarms is on track to achieve a hashrate of 21 EH/s this year.

After receiving an unsolicited takeover bid from Riot Platforms and competing ones from other companies, Bitfarms is conducting a strategic review to determine the best path forward.

Market cap: C$365.05 million

Mining digital assets such as Ethereum, Ethereum Classic and Bitcoin, HIVE Digital Technologies is a crypto mining company that operates mining facilities in Sweden, Canada and Iceland. The company was the first publicly traded cryptocurrency miner, listing on the TSX Venture Exchange in 2017.

HIVE reported in early May that its Bitcoin holdings stand at 2,400 BTC. As of the end of April, the company had a 5.0 EH/s ASIC mining capacity, up 6 percent over the previous month-end.