“Crypto Winter Heats Up: 7 Promising Crypto Stocks Set to Outshine Bitcoin in 2024

The crypto market is ablaze this winter, witnessing significant surges in various cryptocurrencies as 2024 kicks off on a robust note. A pivotal catalyst in this bullish momentum is the recent approval by the SEC of 12 Bitcoin (BTC-USD) ETFs, unlocking the door to long-awaited investment vehicles. With this floodgate now open, the anticipation is high for the launch of more Bitcoin ETFs throughout the year, further propelling the leading cryptocurrency. Additionally, Bitcoin’s impending halving event in 2024, coupled with potential rate cuts in the first half of the year, could provide an extra boost to cyclical assets like Bitcoin.

While holding Bitcoin directly is advisable, exploring crypto stocks related to Bitcoin is an alternative strategy for capitalizing on this momentum, potentially yielding even greater returns. Here, we delve into seven crypto mining stocks poised to outperform Bitcoin in the coming months.

1. Riot Platforms (RIOT):

Riot Platforms stands out for its low production costs, mining Bitcoin at $5,537 per coin, the lowest among publicly traded miners. With over 7,327 Bitcoin in its balance sheet, Riot is highly sensitive to Bitcoin’s value. The upcoming 2024 halving event, coupled with increased production capacity through strategic orders with MicroBT, positions Riot for potential significant gains. Despite market volatility, Riot’s cost-efficient production makes it a top choice for navigating market ups and downs.

2. Marathon Digital (MARA):

Marathon Digital, though with higher mining costs than some competitors, boasts remarkable growth. With a 467% YoY increase, it mined 3,490 Bitcoins in Q3 2023 and produced 1,853 BTC in December alone. Profitability remains robust, especially at Bitcoin’s current price level, and Marathon’s expanding network hash rate positions it well to benefit from the overall growth of crypto mining.

3. Bitfarms (BITF):

Bitfarms, a Canadian Bitcoin miner, has shown strong performance, earning 446 BTC in December 2023 and 4,928 BTC for the entire year. The company’s 44% YoY growth in hash rate and plans to achieve 12 EH/s and 25 w/TH fleet efficiency in Q2 2024 contributed to its bullish outlook. With a solid financial foundation and increased liquidity, Bitfarms is poised for potential growth in the evolving crypto market.

4. Hive Blockchain (HIVE):

Hive Blockchain’s impressive 2023 production totals include mining 3,260 Bitcoin and doubling its hash rate to 4 EH/s. Maintaining a 1% share of the total Bitcoin network and deploying 9,800 Bitmain S19k Pro miners, Hive is strategically positioned for an increased hash rate. The company’s commitment to renewable energy and plans for further expansion suggests a positive outlook for future growth.

5. CleanSpark (CLSK):

CleanSpark’s recent revenue growth of 100% YoY and production of over 720 Bitcoin last month demonstrate its expanding hash rate. A major agreement to purchase up to 160,000 Bitmain S21 miners positions CleanSpark for a substantial increase in hashing capacity. With strategic options for additional miners, CleanSpark aims to capitalize on potential growth during the next crypto bull cycle.

6. Iris Energy (IREN):

Iris Energy’s December operational update highlights significant Bitcoin mining production, with 4,123 Bitcoins mined in 2023. The company’s expansion to 10 EH/s and acquisition of new Bitmain T21 miners contribute to its growth strategy. With plans to scale beyond 10 EH/s in the second half of 2024, Iris is well-positioned to boost future output at lower costs.

7. Bit Digital (BTBT):

Bit Digital, operating over 44,000 miners with a 3.4 exahash rate at maximum capacity, is an under-the-radar pick. Emphasizing 99% carbon-free mining, the company’s profitability is closely tied to Bitcoin’s price. If Bitcoin experiences a significant surge, previously struggling companies like Bit Digital could make a comeback, presenting a potential upside by 2025.

Conclusion: In navigating the crypto winter, these seven crypto stocks offer diverse strategies and compelling opportunities to outperform Bitcoin in 2024. From low production costs and strategic partnerships to expanded mining capacity and commitment to renewable energy, these stocks present avenues for investors seeking to diversify their crypto portfolios amidst market dynamics. As the crypto market evolves, these stocks are poised to play a pivotal role in capitalizing on the ongoing bullish momentum.