Investing in Bitcoin can be an exciting endeavor. Yet, all that volatility can make it a nerve-racking process. For example, when you think you’ve mastered the Bitcoin market and its fluctuations, a sudden price drop throws a wrench in your passive income plans. One of the best ways to reduce the uncertainty of investing in Bitcoin is to focus on the stocks of companies that mine it — otherwise known as Bitcoin miner stocks. This article will help you identify the best Bitcoin miner stocks to reduce risk and enhance your chances of getting solid returns as the Bitcoin supply and demand fluctuates.
To help you identify the best Bitcoin miner stocks, you can use research from Bitcoin Magazine Pro and their premium Bitcoin analysis tool. This valuable resource helps you make sense of Bitcoin’s market cycles and how mining stocks correlate with these cycles to enhance your returns.
Should You Buy Bitcoin Miners or Bitcoin?
Investing in Bitcoin directly involves purchasing the digital currency itself and profiting when its price appreciates. Conversely, investing in Bitcoin miners means buying stocks of publicly traded companies that mine Bitcoin. Instead of profiting from a price increase, these companies generate revenue by mining Bitcoin, which ties their performance to Bitcoin prices and their operational efficiency, energy costs, and management strategies.
A Risk-Reward Analysis
Both investments come with unique risks and rewards. Bitcoin is notoriously volatile, but many investors view it as a digital asset with long-term appreciation potential. Miners, on the other hand, are businesses that depend on external factors beyond Bitcoin prices. Their profitability can change quickly depending on the network’s mining difficulty, power costs, and the condition of their physical mining rigs, among other variables.
The Pros of Investing in Bitcoin Miners
Investing in miners over Bitcoin effectively bets on Bitcoin’s price to appreciate faster than the network’s hash rate increases. Assuming that price remains relatively constant or increases in the short-run, you would accumulate more Bitcoin by mining than by making a lump sum purchase.
Dollar-Cost Averaging with Bitcoin Mining
In this sense, you can think of owning a miner as a form of dollar cost averaging with a higher upside if Bitcoin’s price moves dramatically upward. In addition to maintaining consistent exposure to Bitcoin through mining rewards, by participating in Bitcoin mining, you are contributing to the security and decentralization of the network.
If the price rises quickly or steadily over time, depending on market conditions, those who invested in hardware could recoup their initial investment, generate a profit, and potentially re-sell their miner for a gain.
The Hash Rate Advantage
It could be that Bitcoin’s price appreciation happens slowly and with periods of depreciation or that there is no price increase at all. Nevertheless, even if the price of Bitcoin falls over your investment period if the hash rate falls too, and the rate that the hash rate declines is greater than the rate at Bitcoin price declines, you would still accumulate more Bitcoin by mining than by purchasing a lump sum of Bitcoin.
As a general rule, you are better off mining if you believe that Bitcoin’s price will increase faster than the network’s hash rate rises over time—or that the price will decrease slower than the network’s hash rate decreases.
The Cons of Investing in Bitcoin Miners
When you invest in Bitcoin, your profit and loss depend on the Bitcoin price. But when you invest in miners, your position is affected by more factors.
At a high level, mining profitability depends on how difficult it is to mine a new block, Bitcoin’s price, the block subsidy, and transaction fees. Miners also have to consider their power costs, their machines' uptime, and the cost of the physical infrastructure (hosted or owned outright).
The confluence of all these factors complicates miners' decision-making process. It is simply harder to assess the short-term value of a mining operation than a Bitcoin position.
Because of this uncertainty, it is best to consider an investment in miners as illiquid. ASIC miners are specifically designed to produce as many hashes as possible. Therefore, a miner’s incentive is to maximize their operations’ uptime, as downtime reduces profitability.
Liquidating a position in physical miners is less convenient than liquidating Bitcoin, the asset. You would need to take delivery of the machine and find another hosting partner or contact an ASIC brokerage desk (like Kaboomracks) to resell it.
Periods When Buying Miners Was Preferable to Buying Bitcoin
We became curious about how frequently such periods occurred as we developed generalized parameters to determine when investing in miners made more sense than buying Bitcoin. However, to produce the model below, we made some assumptions. Electricity costs are held constant, as are transaction fees and block rewards. Hash rate and price are illustrated below as 14-day moving averages.
We found that from the beginning of 2018 to now, owning miners was preferable to owning Bitcoin approximately 53% of the time.
How to Get Started Mining Bitcoin
Ultimately, there is no one-size-fits-all answer when it comes to mining Bitcoin. Each investor needs to consider their own circumstances: available capital, desired amount of Bitcoin to accumulate over their investment term, and tolerance for market volatility.
Using Profitability Calculators to Assess Mining Feasibility
A great first step in assessing a mining investment's feasibility is tinkering with profitability calculators. ASICMinerValue is a fairly straightforward representation of profitability estimates broken down by the machine's model. Luxor’s profitability calculator allows users to plug in their specific inputs.
Comparing Profitability Calculators for a Comprehensive Analysis
Braiins’ calculator offers even more inputs than Luxor and has graphical representations of monthly revenue, cash flows, PnL, and hardware value. It might be useful to compare the results of all three calculators against each other during your diligence process—don’t trust; verify.
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13 Best Bitcoin Miner Stocks
1. Riot Platforms – The Best Bitcoin Mining Stock Overall
Riot Platforms (RIOT), formerly Riot Blockchain, is one of the largest Bitcoin mining companies in the United States, with a fleet of over 100,000 ASIC miners. The company has a strong track record of profitability and has been expanding its operations rapidly. Riot was well-positioned to benefit from the Bitcoin halving, which reduced the supply of new Bitcoins and increased demand for mining power.
Riot Platforms' Strategic Acquisitions
In July 2024, Riot Platforms acquired Block Mining, a Kentucky-based mining company. The deal diversified Riot Platforms' power supply and increased its power capacity. Earlier in 2024, Riot attempted to acquire Bitfarms, and the two companies ultimately entered a settlement agreement under which Amy Freedman (one of the nominees pushed by Riot) was added to the Bitfarms board of directors.
As of Q3 2024, Riot Platforms had a hash rate capacity of 28.2 EH/s, with plans to increase it to 34.9 EH/s by the end of the year.
- Stock Price (YoY Change): $11.79 (+10.5%)
- Market Cap: $3.91 billion
- Location: United States
- Hash Rate Capacity: 28.2 EH/s
- RIOT Stock Forecast (1-Year): $13.70 (+16.2%)
2. CleanSpark – A Bitcoin Mining Company Focused on Clean Energy
CleanSpark (CLSK) is another US-based Bitcoin mining company that focuses on using renewable energy sources. It is committed to environmental sustainability. To this end, CleanSpark is expanding its operations to new jurisdictions, including Texas and Georgia, with access to abundant renewable energy resources at a relatively low cost.
CleanSpark's Commitment to Efficiency
In October 2023, the company announced it would deploy 4.4 EH/s of additional computing power by adding the latest Antminer S21 models of Bitcoin mining rigs. "Integrating the S21 into our mining operations is in line with our commitment to using the most efficient mining technology," noted Zach Bradford, CEO of CleanSpark, in an official statement.
In October 2024, CleanSpark announced an acquisition of GRIID Infrastructure Inc. to expand Bitcoin mining capacity in Tennessee.
- Stock Price (YoY Change): $13.58 (+227%)
- Market Cap: $3.51 billion
- Location: United States
- Hash Rate Capacity: 31.3 EH/s
- CLSK Stock Forecast (1-Year): $14.51 (+6.8%)
3. Marathon Digital – A Leader in Operational Hash Rate
Marathon Digital (MARA) is one of the most efficient Bitcoin mining companies in the world, with over 100,000 miners across nine mining farms with a hash rate capacity of 40.2 EH/s. The company's focus on efficiency allows it to generate more BTC with less electricity, which gives it a competitive advantage.
As of Q3 2024, Marathon had 26,747 BTC (worth nearly $2.4 billion at the current market rate) in its treasury, making it one of the biggest owners of Bitcoin. In the same quarter, the company mined 2,070, making it one of North America's most prominent public Bitcoin companies.
- Stock Price (YoY Change): $20.51 (+100%)
- Market Cap: $6.6 billion
- Location: United States
- Hash Rate Capacity: 40.2 EH/s
- MARA Stock Forecast (1-Year): $21.01 (+2.4%)
4. TeraWulf – A Smaller BTC Mining Company with Strong Upside Potential
TeraWulf (WULF) is a vertically integrated Bitcoin mining company that owns and operates its own data centers. The Lake Mariner facility in New York has about 34,000 miners, and the Pennsylvania facility has about 16,000 miners. This gives the company more control over its operations and allows it to optimize its efficiency.
TeraWulf is also investing in renewable energy projects, which is slated to reduce its environmental impact even further, currently, the company’s zero-carbon energy share represents an impressive 95%.
TeraWulf's Strong Q3 Performance
In its Q3 financial results report, TeraWulf disclosed that it saw 42.8% revenue growth year-over-year. The company also announced that it grew its hashrate capacity to 10 EH/s, representing a 100% increase YoY. TeraWulf self-mined 555 BTC across its Lake Mariner and Nautilus Cryptomine facilities during the quarter.
- Stock Price (YoY Change): $6.98 (+540%)
- Market Cap: $2.6 billion
- Location: United States
- Hash Rate Capacity: 10 EH/s
- WULF Stock Forecast (1-Year): $7.27 (+4.1%)
5. Hut 8 Mining – A Canadian Bitcoin Miner Expanding in Electricity Generation
Hut 8 Mining (HUT) is a Canadian Bitcoin mining company with a fleet of over 115,000 ASIC miners. The company is well-positioned to benefit from the upcoming halving, as it has a strong financial position and a high gross margin. Hut 8 is also expanding its operations into new jurisdictions like the United States and Germany.
In 2024, Hut 8 is expected to acquire up to four Canadian power plants (powered by natural gas) with a total 310 megawatts (MW) capacity. In addition, the company plans to acquire a new mining site from Validus Power Corp as well.
The news follows a merger with US Bitcoin Corp., which closed in December 2023. CEO Jaime Leverton said these acquisitions align with the company’s “infrastructure-first strategy” and " afford very compelling flexibility ahead of the halving.”
In November 2024, Hut 8 announced plans to upgrade its ASIC mining fleet by purchasing 31,145 BITMAIN Antminer S21+ miners at $15.00 per terahash, with delivery expected in early Q1 2025. This upgrade aims to enhance the company's self-mining capacity by approximately 3.7 EH/s.
- Stock Price (YoY Change): $23.98 (+139%)
- Market Cap: $2.2 billion
- Location: Canada
- Hash Rate Capacity: 20.1 EH/s
- HUT Stock Forecast (1-Year): $23.15 (-3.4%)
6. Cipher Mining – A US Bitcoin Miner and HPC Infrastructure Provider
Cipher Mining is a United States-based company that operates infrastructure for Bitcoin mining and HPC (high-performance computing). It is listed on the NASDAQ stock exchange under the ticker CIFR.
Cipher’s Fleet Upgrade with Canaan A1566 Miners
In June 2024, Cipher announced major updates to its Bitcoin mining fleet. The company reached an agreement with Canaan to purchase the company’s latest-gent A1566 Bitcoin miners, which are expected to be delivered in Q4 and will boost Cipher’s hashrate capability by roughly 1.25 EH/s.
Cipher is targeting a total hashrate of 13.5 EH/s by the end of 2024, and has plans to expand it to 35 EH/s in 2025. As of October 2024, the company had around 77,000 deployed Bitcoin mining rigs.
- Stock Price (YoY Change): $6.55 (+127.4%)
- Market Cap: $2.28 billion
- Location: United States
- Hash Rate Capacity: 10.7 EH/s
- CIFR Stock Forecast (1-Year): $5.54 (-15.4%)
7. Bitfarms Ltd. (BITF)
Country: Canada
Stock Exchange: NASDAQ
Established in 2017 and based in Toronto, Bitfarms Ltd. is one of the fastest-growing companies in Bitcoin mining. It has a network of several farms across Canada and is expanding in South America, where it has a massive farm in Argentina.
The company CEO, Geoffrey Morphy, oversees cost reduction and efficiency in mining processes. Bitfarms’s other strength is its ability to mine using hydroelectric power.
Cheap power allows the company to cut its operations costs and reduce its effect on the environment.
Bitfarms is one of the most active firms in this regard, and it is still searching for ways to increase its mining capacity and location. Its focus makes it ideal for investors since it is dedicated to sustainable practices and has a growing international market.
Bitfarms' Diversification Strategy: Expanding Beyond Bitcoin Mining to HPC and AI for Long-Term Stability
The company isn’t without its controversies, facing significant challenges in 2024. Despite these setbacks, the company remains committed to its growth and expansion plans. One of the key strategies Bitfarms is pursuing is diversification.
The company has been exploring opportunities in high-performance computing (HPC) and artificial intelligence (AI) to reduce its reliance on Bitcoin mining alone. This diversification will help Bitfarms mitigate risks associated with fluctuating BTC prices and secure long-term revenue streams.
However, Bitfarm’s governance and leadership controversies overshadow its future plans. Riot Platforms, a major shareholder, has opposed Bitfarms’ leadership, accusing them of poor corporate governance and attempting a hostile takeover. These disputes have created significant uncertainty and distractions for Bitfarms, potentially hindering its ability to execute its growth strategy effectively.
8. Argo Blockchain (ARBK)
Country: UK
Stock Exchange: NASDAQ
Founded in 2017, Argo Blockchain is a UK-based Bitcoin mining company with a global reach. Headquartered in London, Argo has quickly become one of the leading Bitcoin miners in the world.
Peter Wall, the company’s CEO, emphasizes the importance of sustainable mining practices. Argo is making significant strides in using renewable energy sources to power its operations.
A Year of Contrasting Fortunes
Argo Blockchain’s journey from 2023 to 2024 reflects strategic adjustments and operational achievements. In September 2023, Argo saw a 34% increase in Bitcoin mining production, benefiting from improved operations and power credits, marking a positive shift. The success was short-lived, as Argo had to confront new realities in 2024.
Navigating Challenges and Emerging Stronger
The company sold its Quebec data center for $6.1 million to reduce debt, highlighting a strategy to maintain financial stability amid declining Bitcoin prices and production. Despite these
struggles, by mid-2024, Argo blockchain received an upgraded status from Zacks Ranks, which reflects an upward trend in earnings estimates, a powerful force impacting stock prices.
9. Greenidge Generation Holdings Inc. (GREE)
Country: USA
Stock Exchange: NASDAQ
Greenidge Generation: A Dual-Focus Company
Greenidge Generation Holdings Inc. (GREE), led by CEO Jordan Kovler, is a vertically integrated company headquartered in Dresden, New York. 2014, Greenidge initially focused on natural gas power generation from a former coal-fired plant. However, in 2019, they expanded into Bitcoin mining, becoming a significant player in Bitcoin mining.
Greenidge Faces Environmental Scrutiny
Their recent activities haven’t been smoother sailing. In August 2024, the New York Department of Environmental Conservation (DEC) denied Greenidge’s air permit renewal, citing environmental concerns. Facing closure, Greenidge sued the DEC to keep their Bitcoin mining operations running at the Dresden plant. The legal battle highlights the ongoing debate surrounding the environmental impact of Bitcoin mining.
Despite these controversies, Greenidge recently announced it would begin retaining a portion of its self-mined Bitcoin, suggesting long-term confidence in the asset’s future.
10. Stronghold Digital Mining, Inc. (SDIG)
Country: USA
Stock Exchange: NASDAQ
Stronghold Digital Mining, founded in 2021, focuses on Bitcoin mining while utilizing waste coal reclamation to power its operations.
CEO Greg Beard leads the company, which is based in Pennsylvania. Stronghold primarily runs mining facilities at two plants in the state. Its business model stands out because it generates energy by burning mining waste, which the company promotes as an environmentally friendly way to clean up pollution.
Stronghold's Controversial Tire-Burning Proposal
Stronghold has faced controversy, especially around its environmental claims. In August 2023, The Guardian reported on a proposed expansion to burn used tires at one of their plants to fuel Bitcoin mining. The plan raised significant concerns about potentially releasing harmful pollutants, sparking opposition from environmental groups.
In April 2024, Stronghold responded to a lawsuit accusing the company of environmental violations at its mining facilities. The company denied the allegations, emphasizing its commitment to sustainable energy practices.
While mining remains Stronghold’s core business, its involvement in waste coal and possible tire-burning operations highlights its dual role as a Bitcoin miner and energy producer, which has drawn attention and scrutiny.
11. Iris Energy (IREN)
Country: Australia
Stock Exchange: NASDAQ
Iris Energy, a Bitcoin mining company, was founded in 2018 and is headquartered in Sydney, Australia. The company focuses on sustainable energy solutions, particularly for powering its mining operations. Iris Energy’s CEO, Daniel Roberts, has led the firm towards using renewable energy sources to mine Bitcoin, setting it apart from competitors.
Diversification Beyond Bitcoin Mining
While Bitcoin mining is its primary operation, Iris Energy also explores other avenues, such as data center management, reflecting its broader interest in energy-efficient infrastructure. In 2023, the company increased its mining output by 10%, further solidifying its place in the Bitcoin mining industry.
Navigating Challenges and Embracing Sustainability
Iris Energy has faced some controversies, primarily related to the market’s volatility. Like many mining firms, the company has navigated fluctuating Bitcoin prices and regulatory scrutiny. Despite these challenges, Iris Energy remains committed to sustainable practices, continuously investing in renewable power sources.
The firm’s focus on sustainability has attracted attention, positioning it as a leader in eco-friendly Bitcoin mining. It remains active in efforts to scale operations while maintaining its commitment to green energy solutions.
12. Phoenix Group (PHX)
Country: UAE
Stock Exchange: ADX
Founded in 2017, Phoenix Group PLC is a leading Bitcoin mining and blockchain technology company headquartered in Abu Dhabi, UAE. The company is led by Bijan Alizadehfard, Co-Founder and Group CEO, and Munaf Ali, Co-Founder and Group Managing Director.
Phoenix is heavily involved in Bitcoin mining, recently securing a $187 million deal with Bitmain, and has forged key partnerships with Whatsminer to expand its operational reach. This substantial investment has amplified its hash power and market share, making it one of the Middle East’s most prominent players in the digital mining space.
Phoenix's Eco-Friendly Mining and Market Expansion: A Sustainable Growth Strategy
Phoenix is also recognized for its commitment to eco-friendly practices, integrating advanced hydrocooling to support more sustainable mining. Recently, the company completed a landmark IPO on the Abu Dhabi Securities Exchange (ADX), the first of its kind for a blockchain entity in the Middle East. This step has solidified its growing influence in tech and finance.
13. Core Scientific (CORZ)
Country: United States
Stock Exchange: NASDAQ
Founded in 2017, Core Scientific is a prominent blockchain and artificial intelligence infrastructure player. The company operates out of Austin, Texas, with Adam Sullivan as CEO. Core Scientific runs multiple data centers across the U.S. and is one of the largest Bitcoin miners in North America, using its facilities to mine both for itself and third-party clients.
In December 2022, Core Scientific filed for bankruptcy, citing high energy costs, Bitcoin’s price decline, and unpaid debt. Since then, the company has aimed to restructure and stabilize its finances. It remains influential in the blockchain industry, balancing its mining operations with a broader focus on AI infrastructure services across its various U.S. sites.
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5 Useful Valuation Metrics for Bitcoin Miners
Current Ratio: The Short-Term Financial Health of Bitcoin Miners
The current ratio is essential to Bitcoin miners’ short-term financial health and liquidity. It is calculated by dividing current assets by current liabilities. A current ratio of less than 1.0 indicates that a company may struggle to cover its short-term obligations. In contrast, a ratio of 1.0 or greater suggests that a company has sufficient assets to meet its financial commitments.
Bitcoin mining companies operate in a volatile and capital-intensive industry, so a current ratio greater than 1.0 provides valuable insight into their ability to withstand market fluctuations and cover operating expenses without relying on additional debt or asset sales. A low current ratio may signal liquidity risks, making the company vulnerable to sudden Bitcoin price drops or operational disruptions.
Evaluating Bitcoin Mining Stocks: The Role of Current Ratios in Assessing Financial Stability
For example, Bit Digital (BTBT) has a current ratio of 21.16 thanks to no debt on its balance sheet, strong cash reserves, and substantial Bitcoin holdings. CleanSpark (CLSK), IREN (IREN), and Cipher Mining (CIFR) all have a current ratio greater than 8.0, highlighting their strength in managing business commitments over a longer timeframe.
On the other hand, Soluna Holdings (SLNH) and Gryphon Mining (GRYP) have current ratios of 0.86 and 0.13, respectively. This may indicate that each company could need help to meet its short-term obligations. Some companies operate efficiently with low current ratios due to solid cash flow, fast inventory turnover, or access to other forms of liquidity.
Enterprise Value to Net Assets Ratio: Market Sentiment Towards Bitcoin Miners
The EV (enterprise value) to net assets ratio offers key insights into a Bitcoin mining company’s market potential beyond its physical assets. Net assets represent the value of tangible assets such as mining equipment and Bitcoin reserves, while EV accounts for market capitalization, debt, and cash reserves. This ratio reflects broader market sentiment.
In the volatile Bitcoin mining industry, where prices and speculation heavily impact valuations, a higher EV than net assets often signals market confidence in the company's future growth. Conversely, a smaller gap may indicate more conservative investor expectations. A ratio below 1.0 could suggest the company is undervalued, potentially making it attractive to investors, or it could indicate financial distress or declining asset quality.
Understanding EV-to-Net Assets Ratios in Bitcoin Mining Investments
Many miners with energy Power Purchase Agreements (PPAs) are also required to hold substantial cash reserves as collateral or to hedge against price volatility. This ensures they can meet payment obligations and manage operational risks effectively.
For instance, Riot Platforms (RIOT) has an EV to net assets ratio of 0.28, indicating that for every $0.28 invested, their investor is getting a return of $1 in net assets. This suggests the company is undervalued in comparison to its peers. More than half the miners in the graph highlight a lower EV when compared to net assets. In contrast, TeraWulf (WULF) has a ratio of 3.65, suggesting that the market could be factoring in a significant future announcement.
Debt to Equity Ratio: Financial Leverage of Bitcoin Miners
The debt to equity (D/E) ratio is crucial when analyzing Bitcoin miners, reflecting the company's financial leverage and risk profile. Bitcoin mining is capital-intensive, requiring significant hardware, facilities, and energy investment. A high D/E ratio may indicate the company relies heavily on debt to finance operations, which could be risky in the volatile Bitcoin market.
Conversely, a lower D/E ratio suggests the company uses more equity to fund growth, reducing financial risk. Investors use this ratio to assess the company’s stability and ability to weather market downturns or price volatility.
How North American Bitcoin Miners Are Adapting Financing Strategies for Sustainability
Many North American miners made the mistake of taking on significant debt to fund their hash rate growth during the last bull cycle in 2021, which was detrimental them. Since then, miners have adopted alternative strategies, such as dilution of shares and selling Bitcoin production, to fund growth.
Low Debt Strategies and Future Growth Potential for Bitcoin Miners
IREN, having learned from its previous miner loans with NYDIG, now has effectively zero debt on its balance sheet. CleanSpark, Riot Platforms, Bit Digital, Cipher Mining, and Bitfarms have less than 10% of debt to equity on their respective balance sheets. With the announcement of further HPC deals, raising debt may become more accessible to acquire in a more predictable market, providing more opportunities for Bitcoin miners to grow.
Enterprise Value of Current Hash Rate: Comparing Bitcoin Miners Efficiently
The EV divided by the hash rate ratio provides a valuable metric for comparing the valuation efficiency of different Bitcoin mining companies. This ratio reflects how much the market values each miner's operational capacity to generate Bitcoin, expressed in terms of their computational power (hash rate).
A lower EV/hash rate suggests a company is undervalued relative to its computational power, potentially making it an attractive investment. A higher ratio indicates the market assigns more value to the company's hash rate, possibly due to efficiency or expected future growth.
Evaluating Operational Efficiency Through EV/Hash Rate Metrics
Comparing EV/hash rates between miners allows investors to assess which companies are more efficient in converting their mining power into enterprise value. A company with a lower ratio might be perceived as more operationally efficient or better positioned to generate revenue.
Suppose two companies have similar hash rates, but one has a higher EV. In that case, the market may expect more robust future profitability or strategic advantages, such as lower energy costs, better technology, or superior scaling potential. Ultimately, this metric helps investors compare how much they pay in terms of enterprise value for each unit of hash rate capacity across different Bitcoin miners.
Diversified Revenue Streams: Impact on Hash Rate Valuation Metrics
Regarding the installed hash rate, Hive Digital (HIVE) has a value of $30.7 million per EH/S, closely followed by Riot Platforms and SATO Technologies. It should be noted that many of the miners above have significant revenue streams from other non-self-mining activities, such as hosting, management services, HPC hosting, HPC, and artificial intelligence (AI).
Hash Rate Cost Valuation: Key Insights into Miner Efficiency and Market Position
Using the target hash rate for December 31, 2024, SATO Technologies, with a projected hash rate of 1.8 EH/s, has a cost value of $10.2 million per EH/s. Riot Platform, Hive Digital, DMG Blockchain (DMGI), and IREN each have values below $30 million per EH/s.
In contrast, Soluna Holdings, TeraWulf, Hut 8 (HUT), and Core Scientific are valued at over $100 million per EH/s. Notably, these higher valuations are influenced by significant future revenues from non-mining operations. A few months ago, industry analysts estimated a floor valuation of around $100 million per EH/s.
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