bitcoin has been on a steady climb since the
end of 2022 and if you feel like you’ve missed the boat on BTC then Bitcoin mining stocks might
offer you a second chance second chance a second chance a second chance but that begs the question
which Bitcoin miners are actually legit and how high could their stocks realistically go well
today we’re diving into five Bitcoin mining stocks looking closely at each company’s history
mining power and strategy to find out my name is Guy and this is a video you can’t afford to miss
okay now before we get started it’s important to note that nothing in this video is financial
advice it’s just educational content intended to inform you about publicly traded Bitcoin mining
companies so please consult your financial adviser before investing into anything now you might be
wondering why even bother with Bitcoin mining stocks when you can simply buy BTC well there
are actually quite a few reasons why choosing mining stocks could make sense first and foremost
is simplicity let’s face it buying holding and securing BTC directly can be intimidating
for some especially those newer to crypto mining stocks on the other hand trade just like
regular shares meaning you can easily invest using traditional brokerage platforms without worrying
about private keys wallets or blockchain fees there’s also a regulatory angle to consider many
investors steer clear of crypto because regulatory uncertainty makes them uneasy stocks don’t carry
nearly the same regulatory question marks making mining stocks a potentially safer bet for more
conservative investors or simply for those who prefer to stay within the bounds of traditional
finance mining stocks also hold an advantage for retirement planning not only does this give you
exposure to BTC indirectly but many mining firms generate steady cash flows adding a layer of
financial stability that’s not possible from purely investing into BTC which doesn’t earn
a cash flow that’s why mining stocks sometimes outperform BTC itself during bull markets anyway
before we dive into our first Bitcoin mining stock Bitcoin mining stock worth highlighting is Mara
Holdings ticker symbol M A founded in Florida in February 2010 as Marathon Patent Group the company
began investing into Bitcoin mining equipment in 2021 even setting up a joint venture with a coal
plant in Montana to power a Bitcoin data center shortly thereafter it rebranded to Marathon
Digital clearly signaling its pivot towards digital assets in 2024 the company simplified
its branding even further to Mara Holdings and since then Mara has focused on building one of
the largest Bitcoin mining operations in North America while making an effort to keep things
environmentally friendly the company primarily uses renewable energy and employs an advanced
liquid immersion cooling system which in simple terms involves dunking its mining rigs in a
special non-conductive fluid to keep them cool now since Mara turned to Bitcoin mining its size
has grown exponentially in fact Mara is now the largest publicly traded Bitcoin miner by mining
power commanding more than 54 exaashes per second as of Q1 2025 what’s an exaash you might ask
well Bitcoin mining involves powerful computers guessing cryptographic puzzles in a process
known as hashing one exahash means one quintilion guesses per second meaning Mara’s miners can
perform over 54 quintilion guesses per second in layman’s terms they’re hella quick and perhaps
most notably in July 2024 Mara announced that it would adopt a full hodddle strategy meaning
the company wouldn’t sell any of its mined BTC to cover operational costs and since then Mara has
actually doubled down regularly buying additional BTC from the open market to grow its reserves
even faster in March this year Mara announced a $2 billion stock offering to yep you guessed it
buy even more BTC and this follows similar moves last year including a $ 1.5 billion at the market
stock offering and a $1 billion convertible bond sale both aimed at boosting its BTC reserves
according to Bitcoin Treasuries MARA has been adding BTC nearly every month in 2025 and this
kind of aggressive accumulation isn’t limited to MARA either many miners have now started taking
the same approach choosing to hold on to their BTC instead of selling it to fund operations obviously
a Bitcoin mining company not selling its BTC can significantly boost its long-term value especially
considering the amount of BTC Mara is mining in Q1 2025 alone the company mined 2,286 BTC bringing
its total holdings to more than 48,100 BTC second only to Michael Sailor’s strategy among publicly
traded companies apologies for the interruption ticker Rio T now Riot Platforms didn’t start
off in crypto the company originally operated as a biotech firm under the name Bioopics from
2000 but in 2017 during the crypto bull market frenzy it rebranded to Riot Blockchain despite
initially having no clear connection to crypto shortly thereafter Riot shifted into Bitcoin
mining making multiple acquisitions including Chyros Global Technology in 2017 and adding over
1,200 Bitcoin mining machines to its fleet in May 2021 Riot further expanded by acquiring Winstone
US the operator of North America’s largest Bitcoin mining facility located in Rockdale Texas this
$651 million deal significantly boosted Riot’s mining capacity turning it into one of North
America’s top Bitcoin miners then in 2023 the company dropped the word blockchain from its name
rebranding simply to Riot platforms and today Riot stands as the world’s second largest Bitcoin miner
behind Mara in Q1 2025 Riot managed to mine over 1,530 BTC which equates to roughly 17 Bitcoin per
day and had a total mining power of approximately 34 exaashes per second currently the company holds
over 19,200 BTC on its balance sheet making it the fourth largest publicly traded BTC holder and like
Mara Riot has historically sold small amounts of mind BTC to fund its operations however in late
2024 Riot stepped up its BTC accumulation by purchasing an additional $510 million worth of
BTC to significantly expand its treasury even further riot is also diversifying its business by
pivoting some mining capacity towards artificial intelligence this trend has become increasingly
popular among Bitcoin miners given the potentially higher profits in AI and high performance
computing compared to Bitcoin mining alone however the catch is that AS6 the specialized machines
used for mining Bitcoin can’t simply be repurposed for AI as each type of operation has entirely
different hardware requirements and you can learn more about the Bitcoin mining industry as a whole
by checking out the video right over here by the way now the last thing worth mentioning is that
Riot has sold large amounts of BTC in the past in fact the company recently made headlines when it
sold 475 BTC its first BTC sale in 15 months to reduce reliance on equity funding and minimize
shareholder dilution okay moving on the third Bitcoin mining stock you should have your eye
on is CleanSpark ticker CLSK and like many of the other companies covered today CleanSpark
didn’t start out in crypto it was actually founded all the way back in 1987 as Smart Data
Corporation initially focused on alternative fuels research after lying dormant for several years it
resurfaced in 2014 as Stratian Inc pivoting into renewable energy solutions then following a merger
in 2016 the company officially adopted the name CleanSpark specializing in micro grid technology
to efficiently integrate renewable sources like solar and wind power cleanspark officially stepped
into Bitcoin mining in 2021 when it acquired ATL data centers and merged its renewable micro
grid solutions with the energyintensive process of BTC mining since entering Bitcoin mining
CleanSpark has scaled aggressively increasing its mining power significantly to over 40
exahashes per second as of Q1 2025 thanks to this mining fleet CleanSpark mined more than
7,000 BTC throughout 2024 alone now unlike some of its peers CleanSpark typically sells small
amounts of mined BTC to cover operational costs that said though it has still managed to build a
substantial treasury holding over 12,100 BTC at the time of recording all of it mined inhouse it’s
also worth noting that CleanSpark has explicitly rejected the idea of raising capital to purchase
BTC on the open market arguing it can mine BTC far cheaper than buying it outright this approach has
led CleanSpark to aggressively expand operations especially during the depths of the recent
bare market the company took full advantage of significantly discounted ASIC miner prices
which tend to surge 3 to 5x during bull markets in fact in January 2024 CleanSpark announced plans
to purchase up to 160,000 additional mining rigs this acquisition was followed by several strategic
expansions including the purchase of seven mining facilities in Tennessee and thanks to these moves
CleanSpark has driven its mining cost down to roughly $34,000 per BTC making it one of the most
costefficient miners in the industry interestingly CleanSpark has remained firmly committed to its
pure play Bitcoin mining strategy deliberately choosing not to diversify into AI or high
performance computing like some of its competitors ceo Zack Bradford explained that focusing purely
on Bitcoin mining allows CleanSpark to realize quicker returns since mining infrastructure
can become operational within months unlike AI focused data centers whose setup times can
stretch into years now then the fourth Bitcoin mining stock worth taking a look at is HUT 8
ticker HU T founded back in 2017 it’s one of North America’s oldest Bitcoin miners and was
the first cryptofocused company listed on the Toronto Stock Exchange in 2018 initially the
company built its reputation on industrialcale Bitcoin mining facilities and currently operates
with a mining capacity of around 9.3 exahashes per second as of Q1 2025 historically Hut 8 has
been well known for its full hodddle approach rarely selling mind BTC and accumulating reserves
instead this strategy started quite early in fact back in 2021 the company had already surpassed
5,000 BTC held in its treasury making it one of the earliest adopters of the full hodddle strategy
among publicly traded miners at the time however this stance shifted slightly after the merger with
US Bitcoin Corp in 2023 creating Hut 8 Corp the merger led the company to adjust its strategy
somewhat opting to sell some mined BTC to fund operational costs yet despite this minor shift
the company continued to expand its BTC reserves significantly in December 2024 for example it
acquired an additional 990 BTC pushing total holdings beyond the 10,000 mark ranking it among
the top 10 largest publicly traded BTC holders and if you’re curious about which other companies
have been stacking BTC then be sure to check out our video covering exactly that right over here
now interestingly the firm recently announced the spin-off of its Bitcoin mining operations into a
subsidiary called American Bitcoin partnering with investors that include Eric Trump and Donald Trump
Jr American Bitcoin is now home to the majority of the company’s ASIC mining fleet and is aiming to
become one of the largest pure play Bitcoin mining companies worldwide at the same time Hutate Corp
has also expanded into high performance computing and AI focused data centers receiving approval in
January 2025 to construct a 2.5 billion AI data center facility in Louisiana in terms of mining
performance meanwhile it produced 199 BTC in Q1 of this year which is significantly lower than
the other companies covered today this reduced production reflects the fact that it currently
has the lowest mining power among the miners we’ve discussed okay now the final Bitcoin mining stock
you should be watching is Kango Inc ticker C A NG kango 2 originally had nothing to do with crypto
it was founded in 2010 as a Chinese automotive financing and services company connecting car
buyers with dealers and financial institutions in late 2024 however Kango pivoted significantly
into Bitcoin mining becoming one of the industry’s largest participants in November 2024 Kango
launched its mining operations after investing approximately $400 million into Bitcoin mining
equipment acquiring around 136,000 mining rigs by the first quarter of 2025 Kango had already
achieved a mining capacity of roughly 32 exahashes per second and during Q1 2025 Kango mined a
total of 1,541 BTC bringing its current BTC treasury holdings to over 3,100 notably Kango
has chosen to adopt the increasingly common full hodddle strategy refraining from selling
any mined Bitcoin to cover operational expenses and yet despite its substantial scale Kango’s
cost per BTC minded remains notably high around $70,600 per BTC as of Q1 2025 now this figure is
significantly higher than many competitors and could become a major headwind during the next bare
market as lower BTC prices could severely squeeze margins or even render operations unprofitable
now this elevated cost structure is likely due to operational factors such as higher electricity
rates less optimized mining facilities and higher hosting and infrastructure costs additionally
given that Kango pivoted into BTC mining only in late 2024 operational efficiencies may not yet be
fully realized compared to more established miners who spent years refining their cost controls in
a move aimed at fully transitioning into Bitcoin mining Kango recently finalized the sale of its
traditional auto financing business for roughly $352 million to a firm associated with Antala
an affiliate of mining hardware giant Bitmain this transaction effectively positions Kango as
a publicly traded proxy of Bitmain which is the largest manufacturer of Bitcoin mining machines
looking forward Kango has stated plans to further increase its mining capacity by an additional
18 xahashes by July 2025 which would bring the company’s total mining power to approximately
50 xahashes per second now this is significant because it would place Kango among the largest
publicly traded miners in the industry so all of this begs the question how exactly should you
go about investing in Bitcoin mining stocks well I’ll start by reminding you that none of this
is financial advice and is purely educational that said though let’s start by looking at the
historical price action of these Bitcoin mining stocks if you examine mining stocks that were
around back in the 2021 cycle you’ll quickly spot some similarities most notably many mining stocks
experienced two major rallies in 2021 just like BTC and subsequently found their bare market
bottom towards the end of 2022 just like BTC essentially they tracked BTC very closely and even
outperformed it at times during the 2021 bull run however since then none of the five stocks
we’ve covered today have managed to reclaim their previous all-time highs even as BTC itself
has surged past its old peak in other words that strong correlation miners once enjoyed with BTC
has notably weakened over time the question is why well we think there are two key factors at play
here the first is that back in 2021 BTC itself wasn’t readily accessible to many traditional
investors today though it’s a very different story with spot Bitcoin ETFs now available in
the United States traditional investors can easily get BTC exposure meaning there’s far
less need to get indirect exposure through mining stocks the second factor is publicly traded
companies like Strategy formerly Micro Strategy that have been accumulating BTC thanks to Michael
Sailor’s aggressive Bitcoin accumulation strategy his company now holds over half a million BTC and
counting on its balance sheet as a result MSTR has effectively become the go-to stock for investors
seeking leverage Bitcoin exposure though it’s not the only one and this shift likely explains why
so many mining companies including those we’ve discussed today have recently adopted the full
huddle strategy trying to emulate the appeal of companies like strategy by holding all their
mined BTC rather than selling it so how should you actually approach investing in mining stocks
today well it’s similar to building a crypto portfolio diversification is key while it might
be tempting to simply go with the largest player in the space like Mara holdings putting all your
eggs in one basket is rarely a good idea instead it may be smarter to diversify your portfolio
across multiple mining stocks perhaps allocating larger positions to established players like Mara
and Riot while keeping smaller positions in more speculative companies like Hut 8 and Kango another
solid alternative could be going for a mining focused ETF such as the Grayscale Bitcoin Miners
ETF which holds a diversified basket of miners and finally let’s address the big question can mining
stocks realistically outperform BTC itself in this cycle well the short answer seems to be probably
not considering that most mining stocks remain roughly 70 to 80% below their 2021 all-time highs
it would require significant capital inflows for them to revisit those highs and outperform BTC
and given the ease of getting Bitcoin exposure through the spot ETFs and strategies dominance a
repeat of their past outperformance seems unlikely that said given their significantly smaller
market caps even modest speculative inflows could lead to considerable price increases just
consider Strategy’s current market cap of over $100 billion when compared to Mara’s market cap
of roughly $5 billion this huge difference means it would take much less investor interest
to push mining stocks significantly higher however it remains to be seen if they have the
potential to outperform good old BTC like was the case in the last cycle though perhaps all
that’s needed is some more animal spirits and if you’re curious about other crypto stocks
that could have serious potential then be sure to check out our dedicated video on that very
topic right over here okay that’s all from me for today thank you all so much for watching and
I’ll see you next time this is Guy over and out
