Best Bitcoin Mining Stocks to Buy in 2023

Bitcoin has come a long way since its launch in 2009. The top crypto asset reached a top price of over $60,000 in 2021, but has since dropped to lower levels. In spite of this, investors remain positive about the future of the asset.

The optimism around Bitcoin stems from a number of factors. First, it is considered to be a store of value, in the same class as gold. This is due to the price gains the asset has recorded over the years that investors have benefited from, even more than gold. 

Bitcoin is also considered to be a hedge against inflation. This is especially important as inflation continues to ravage the U.S. dollar and other fiat currencies around the world. Investors who have converted their fat currencies into Bitcoin have over the years recorded gains in the asset, making it a great hedge.

Some investors however are still not comfortable with the idea of investing in a digital asset like Bitcoin up to this point, and will rather stay within familiar territories, but it doesn’t have to be so. When it comes to Bitcoin investing, there are many ways to do it, one of which is by buying Bitcoin mining stocks. 

The following are the top Bitcoin mining stocks to buy if you wish to indirectly benefit from the future price gains without having to manage Bitcoin directly.

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Riot Platforms

Riot Platforms is a Bitcoin mining company that embarks on large scale mining in the United States. Formerly known as Riot Blockchain, the company focuses on growing its hash rate and infrastructure capacity. Riot Platforms is by far the largest Bitcoin mining facility in North America, with its Rockdale facility’s 700 megawatts (MW) in developed capacity.

According to its August quarterly report, the company made $76.7 million in quarterly revenue and a record hash rate capacity of 10.7 exahashes per second (EH/s). It also minted 1,775 BTC in the second quarter and has continued to lower production cost. The shares have gained over 234.8% in 2023 even as the year hasn’t ended yet.

Cipher Mining 

This is a technology company that develops and operates Bitcoin mining data centers in the U.S. The company recorded a self-mining hash rate capacity of 6.8 EH/s in the second quarter and said it was on track to hit 7.2 EH/s in the third quarter. 

The company has 10,536 BTC on its balance sheet, and plans to complete the construction of its Odessa facility in Texas in the near future while considering additional expansion opportunities. As at the end of August, it was the best performing stock on this list, with a 469.6% gain.

Hut 8 Mining Corp.

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Hut 8 Mining is a Canadian crypto mining company with two mining facilities in Southern Alberta. The company is known for using emission-free energy sources to run its operations. 

Hut 8 Mining considered a merger with U.S. Bitcoin Corp. in August to create New Hut. The new company will have 7.5 EH/s of installed self-mining capacity, 825 MW of total power under management and 253 MW of total energy at six different mining sites. 

It isn’t clear if it went through with the merger, but the company has expansion plans in the pipelines. Its shares had increased by 185.9% as at the end of August.

Canaan Inc.

Canaan Inc. isn’t exactly a typical Bitcoin mining company, even though it does mine Bitcoin. It primarily produces high-performance application-specific integrated circuits (ASIC) cryptocurrency miners use to mine crypto. It is also into super computing technology.

Its Bitcoin mining arm reported $11.1 million in mining revenue in the first quarter and is said to be holding 623 BTC. It also sold 4.2 million terahashes per second of total computing power in the quarter, but its shares are slightly down at -2.4% so far this year.

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