With the rising prominence of Bitcoin and other digital assets, investments in Bitcoin mining companies present an appealing avenue for those optimistic about the future of this innovative technology.

While the cryptocurrency market is known for its price swings, analysts such as Peter Eberle, head of Castle Analytics, suggest that the sector could provide considerable returns for investors in the near future.

“The prevailing economic conditions create a favorable environment for the crypto market in the coming year,” Dean Skurka, the chief executive of WonderFi, a Canadian finance firm, stated to the Investing News Network towards the end of 2024.


“The anticipation of a supportive stance on cryptocurrencies from the Trump administration has instilled greater confidence in both institutional and individual investors. This should diminish the hesitancy that previously deterred many from entering the sector,” he elaborated. “Investors focused on Canadian and U.S. crypto markets should experience positive effects resulting from this enhanced confidence in the asset class.”

Bitcoin achieved a record peak of US$103,697 on December 4, 2024, and remains valued at a significant level.

The global market for cryptocurrency mining is projected to reach approximately US$8.24 billion by 2034, exhibiting a compound annual growth rate of 12.9 percent from 2024 to 2034.

“The expansion of this industry is primarily driven by advancements in distributed ledger technologies and an increase in venture capital investments within the electronic realm,”
Precedence Research highlights.

“Developing nations are increasingly adopting digital currencies as a mechanism for financial transactions.”

The Investing News Network presents profiles of six cryptocurrency-mining stocks publicly listed on North American exchanges. These Bitcoin and Ethereum mining enterprises are ranked by market capitalization, based on data gathered from TradingView’s
stock screener on February 4, 2025.

U.S. Cryptocurrency Stocks

1. MARA Holdings (NASDAQ:MARA)

Company Profile

Market cap: US$5.99 billion

MARA Holdings, formerly known as Marathon Digital Holdings, distinguished itself as one of the initial cryptocurrency-mining firms to be listed on the NASDAQ. This company is dedicated to establishing the foremost and most cost-effective mining operation within North America.

In its report covering financial and operational outcomes for Q3 2024, MARA reported a 93 percent year-over-year increase in its hash rate, reaching 36.9 exahashes per second (EH/s), and the production of 2,070 Bitcoin. This boost, coupled with a rise of more than 116 percent in the price of Bitcoin relative to the same period in the previous year, contributed to a 35 percent surge in the company’s revenues, totaling US$132 million.

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2. Riot Platforms (NASDAQ:RIOT)

Company Profile

Market cap: US$4.23 billion

Riot Platforms, a Bitcoin mining enterprise, is among the few crypto-mining companies publicly traded on the NASDAQ. Aside from its Bitcoin mining activities, the company operates multiple subsidiary businesses engaged in various facets of the industry, including hosting Bitcoin-mining equipment for external clients.

In its report from the third quarter of 2024, Riot declared a Bitcoin production volume of 1,104 Bitcoin, mirroring its output from the corresponding quarter of the prior year, notwithstanding the halving event that took place in April. However, significant increases in the price of Bitcoin still led to a year-over-year rise in total revenue, which amounted to US$84.8 million, reflecting a 65 percent increase compared to the same quarter of 2023.

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3. Cipher Mining (NASDAQ:CIFR)

Company Profile

Market cap: US$2.02 billion

Cipher Mining runs a sizable network of data centers intended for Bitcoin mining, providing Bitcoin-mining services to clients around the world.

The company reached its overall self-mining capacity target of 13.5 EH/s as of December 2024. Cipher intends to expand further, aiming for about 25.1 EH/s by the close of 2025. In its report for Q3 2024, Cipher Mining stated that it generated US$24.1 million in revenue during the quarter, a decrease of 20.5 percent year-over-year. At that time, its assets included 95,459 Bitcoin, a substantial increase from 32,978 Bitcoin at the close of 2023.

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Canadian Cryptocurrency Mining Stocks

1. Hut 8 Mining (TSX:HUT)

Company Profile

Market cap: C$2.95 billion

Hut 8 Mining ranks among the world’s leading Bitcoin and Ethereum mining enterprises. It possesses over 1,322 megawatts of existing power capacity, along with 10 facilities providing Bitcoin mining, hosting, and managed services, as well as five high-performance computing data centers.

By the conclusion of the third quarter of 2024, the company’s self-mined Bitcoin reserves held in revenue stock amounted to 9,106. Hut 8 mined 234 Bitcoin during the quarter, a decrease of 65 percent from its production during the same period last year, due to the shutdown of its Drumheller, Alberta, site because of elevated energy expenses. Nonetheless, revenue achieved US$43.7 million, surpassing the prior year by over 103 percent.

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2. Bitfarms (TSX:BITF)

Company Profile

Market cap: C$1.03 billion

Bitfarms, an infrastructure firm specializing in blockchain technology, is a leading operator within the cryptocurrency-mining sector throughout the Americas. The company maintains 13 Bitcoin-mining installations located across Canada, the U.S., Paraguay, and Argentina.

In its report for the third quarter of 2024, Bitfarms reported total revenue of US$45 million, a rise of 30 percent year over year. As of late January 2025, the company’s hashrate reached 15.2 EH/s, a jump from 7 EH/s recorded in mid-May 2024. The company believes that Bitfarms is on target to achieve a hashrate of 21 EH/s this year.

Subsequent to receiving an unsolicited takeover bid from Riot Platforms, in addition to competing bids from other entities in H1 2024, Bitfarms initiated a strategic evaluation to define the optimal course of action for its shareholders.

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3. HIVE Digital Technologies (TSXV:HIVE)

Company Profile

Market cap: C$547.14 million

Specializing in the mining of digital assets such as Ethereum, Ethereum Classic, and Bitcoin, HIVE Digital Technologies is a crypto-mining company that operates mining facilities located in Sweden, Canada, and Iceland. The company made history by being the first publicly traded cryptocurrency miner, commencing its listing on the TSX Venture Exchange back in 2017.

HIVE stated in early January that its Bitcoin holdings totaled 2,805 Bitcoin. By the end of December 2024, the company had reached an operational hashrate of 6.0 EH/s, an increase of 47 percent compared to 4.08 EH/s on December 31, 2023.

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This article is an updated version of content that was originally published by the Investing News Network in 2018.

Be sure to follow us @INN_Technology to receive real-time updates on the news!

Securities Disclosure: I, Melissa Pistilli, have no ownership interest in any of the companies mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or comprehensiveness of the information shared during the interviews it conducts. The views presented in these interviews do not represent the views of the Investing News Network and do not constitute investment recommendations. Readers are advised to conduct their own due diligence.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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