Bitcoin mining stocks have done well this year, helped by Bitcoin’s strong performance, which surged to a record high of over $73,000 earlier this year. Higher BTC prices led to the strong performance of these stocks.
This article looks at some of the best Bitcoin mining stocks to buy that are less popular than Riot Platforms, Marathon Digital, and CleanSpark.
TeraWulf vs Iris Energy vs Cipher Mining stocks
TeraWulf (WULF)
Terawulf is a leading Bitcoin mining company valued at over $1.8 billion. It earns money by mining Bitcoins and providing hosting services for miners to other companies. Its main operations are in New York and central Pennsylvania.
TeraWulf’s stock price has surged by over 109% this year and by 60% in the past 12 months. This performance is due to the company’s sustainable coin mining operations powered by renewable energy.
The latest data indicates that its mining operations have continued to perform well even after the block rewards halving event. Additionally, the company has announced plans to offer artificial intelligence solutions in its data center.
Importantly, TeraWulf boasts a strong balance sheet with nearly $50 million in cash and no debt, which will help enhance its mining operations.
Iris Energy (IREN)
Iris Energy is a well-regarded Bitcoin mining company based in Australia. It has operations in Canal Flats, MacKenzie, and Prince George in Canada and in Childress, Texas.
The company’s stock price has surged by over 79.3% this year and by 81% in the past 12 months due to strong financial results and the increase in Bitcoin prices. Its quarterly revenue grew from $13.8 million in the first quarter of 2022 to over $54.3 million this year.
Analysts are optimistic about the future of Iris Energy, with the average estimate predicting a 154% increase in revenue this year to $192 million and a projected $536 million in 2025. Additionally, it anticipates growing its hash rate to 30 EH/s in the third quarter and to 30 EH/s in Q4.
Cipher Mining (CIFR)
Cipher Mining is another good alternative to Marathon Digital and Riot Platforms. It is a top company with a valuation of over $1.3 billion and operations in Odessa and Arboz in the United States.
Like other Bitcoin mining companies, its quarterly revenues rose from $21.9 million in the first quarter of 2023 to over $48.1 million in Q1’24. It also moved from a net loss of over $4.6 million to a profit of $39.9 million.
Cipher Mining will likely continue to do well, helped by its strong balance sheet of over $88.6 million in cash and no debt.
Some of the other Bitcoin mining companies to consider are Core Scientific, Hut 8 Mining, and Bitdeer.
