Top Canadian Crypto Mining Stocks (Updated August 2024)

Yearly gain: 88.89 percent; market cap: C$12.67 million; current share price: C$0.85

Established in 2013, Bitcoin Well makes using bitcoin easy and accessible via an ecosystem of products and services offered through its two revenue-generating business units. The first is its Canada-wide network of Bitcoin ATMs, and the second is its online Bitcoin portal, which is live in Canada as of November 2022 and the entire United States as of February 2024.

Shares of Bitcoin Well reached a yearly high of C$0.25 on March 4 after it announced a record number of signups to its Bitcoin Portal in February, in addition to a brokered financing agreement with Haywood Securities.

More recently, the crypto firm reported its Q2 2024 financials highlighting revenues of C$23.3 million for the quarter, up 54 percent over the previous quarter. For the first half of the year, revenues came in at C$39.4 million, up 43 percent from the same period last year.

Yearly gain: 68.42 percent; market cap: C$25.54 million; current share price: C$0.16

Cypherpunk Holdings identifies and invests in high-potential opportunities in blockchain and cryptocurrency technologies and companies. Its investment portfolio includes secured crypto wallet-tech firm NGRAVE; and blockchain protocol company Chia Network. The company has strongly increased its focus on the crypto Solana in 2024.

The company’s stock has been trending upward over the past year, to reach a yearly high of C$0.18 on July 26. This came shortly after Cypherpunk announced that it had significantly increased its SOL holdings, which were zero on March 31, 2024, to 63,003.953 SOL, or C$13.97 million, as of July 16. In addition, the company reported that it's operating its own SOL validator, and has staked its own SOL node, with 49,917 SOL.

Yearly gain: 50.78 percent; market cap: C$1.32 billion; current share price: C$2.91

One of the largest Canadian Bitcoin miners, Bitfarms mines Bitcoin using state-of-the-art data centers powered in part by hydroelectricity and locally sourced natural gas. With 12 operating data centers and a hash rate of 11.3 EH/s, it produces an average of 8.2 bitcoin per day.

Bitfarm's Q2 2024 financial report released on August 8 highlights revenues of C$42 million, down 16 percent over the previous quarter and up 17 percent year-over-year. The company has "made significant progress expanding its geographically diversified portfolio, adding 220 MW of capacity in Paraguay and Pennsylvania," according to the press release.

Later in August, Bitfarms announced a definitive merger agreement to acquire crypto asset management firm Stronghold Digital Mining (NASDAQ:SDIG).

This pure-play Bitcoin mining stock saw its shares reach their highest value over the past year on February 16, closing at C$4.86 per share.

Yearly gain: 41.18 percent; market cap: C$81.53 million; current share price: C$0.48

DMGI Blockchain Solutions is a vertically integrated blockchain and crypto company that helps users monetize the blockchain environment by delivering digital solutions like its Blockseer software platform, which allows traders to monitor and track their transactions on the Bitcoin and Ethereum networks.

Its business model consists of two segments, Core and Core+. Core focuses on crypto infrastructure operations, deriving its revenue from rewards and transaction fees, hosting services and hardware sales to industrial crypto miners. Core+ deals with data analysis and forensic services.

In its fiscal year Q3 2024 report, DMG shared revenues of C$8.3 million, up 11 percent over the prior year. The company attributed the growth to a 5 percent increase in self-mining revenues.

Although shares in DMG have been trading downward since hitting a yearly high of C$0.77 on December 27, 2023, its stock price gain year-over-year is still more than 41 percent.

Yearly gain: 22.86 percent; market cap: C$53.1 million; current share price: C$1.72

Digihost Technology is a blockchain technology company based in the US. It focuses on Bitcoin mining, but has plans to diversify and expand its mining operations to include other cryptocurrencies as well. Its operations are maintained with its own crypto accounting and tax software, Balance, and it is expanding its total number of miners in 2024.

Shares in Digihost traded as high as C$3.32 back on December 27, but have struggled to hang onto those gains throughout 2024. Nevertheless, the Canadian Bitcoin mining company is still up by more than 22 percent year-over-year as of August 30.

The company's Q2 2024 revenues were up 57 percent over the same quarter in the previous year to reach US$9.23 million.