Cryptocurrency-mining Stocks: 6 Biggest Companies in 2023

Market cap: US$1.735 billion

Bitcoin miner Riot Platforms is one of the relatively few cryptocurrency-mining stocks trading on the NASDAQ. Aside from 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 March 2023, Riot Platforms produced 695 Bitcoin, an increase of approximately 36 percent compared to March 2022. As of the end of March 2023, the company's Bitcoin holdings totaled approximately 7,072 Bitcoin, all produced by the its self-mining operations.

Market cap: US$1.487 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 March 2023, Marathon increased its Bitcoin production by 21 percent month-over-month for record output of 825 Bitcoin; its total for the year's first quarter came to 2,195 Bitcoin, which was also a record. The company’s hash rate increased by 64 percent in Q1 to reach 11.5 exahashes per second by the end of the period.

Market cap: US$517.143 million

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 5.7 exahashes per second across all of its sites as of early April 2023.

In March 2023, Cipher produced approximately 413 Bitcoin, a 4 percent increase in production compared to the previous month.

Market cap: C$508.372 million

Hut 8 Mining is one of the world’s largest cryptocurrency-mining companies, specializing in Bitcoin and Ethereum. It has more than 121 megawatts of existing power capacity, three digital asset data-mining facilities, five multi-tier data centers for high-performance computing and more than 400 commercial high-performance computing customers. As of the end of February, the company’s self-mined Bitcoin held in revenue stock stood at 6,115.

Hut 8 mined 3,568 Bitcoin in 2022, up 28.1 percent from 2021’s output. The company attributed the growth to an increase in its hash rate following the expansion of its fleet of miners and mining activities. As of the end of 2022, Hut 8’s Bitcoin holdings totaled 9,086 with a market value of US$203.6 million.

Market cap: C$362.827 million

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

HIVE reported revenues of US$14.3 million for the quarter ended on December 31, 2022. The company mined 787 Bitcoin for the period, representing an increase of 13 percent year-over-year, and showed continued growth in its operating hash rate. HIVE has attributed this growth to the completion of its New Brunswick data center campus.

Market cap: C$316.122 million

Blockchain infrastructure firm Bitfarms is one of North America’s largest cryptocurrency-mining operators. The firm has five hydropower-operated facilities in Quebec, Canada, where it provides computing power to mine cryptocurrencies like Bitcoin. It earns fees from cryptocurrency networks for securing and processing transactions.

For 2022, Bitfarms mined 5,167 Bitcoin. In mid-February 2023, the company surpassed 20,000 Bitcoin mined since its inception in 2017. In March 2023, Bitfarms increased its Bitcoin production 17 percent year-over-year.