CIFR - This 1 Bitcoin Mining Stock Nobody Is Talking About Is Up 340% for the Year
2023-10-19 06:10:00 ET
Throughout 2023, Bitcoin mining stocks have been on a roll. Marathon Digital Holdings is up a remarkable 130% year to date. Riot Platforms is up an even more impressive 160%. No surprise here, but these two Bitcoin mining stocks are getting all the attention from investors right now.
But what if I told you that the best-performing Bitcoin mining stock this year was not Riot Platforms or Marathon Digital? Instead, it's Cipher Mining (NASDAQ: CIFR) , which has skyrocketed in value by about 370% this year. Due to its relatively small size, Cipher Mining has flown under the radar of many investors. But should it be on yours heading into 2024?
Given that Bitcoin miners are most profitable when the price of Bitcoin is increasing, it's obvious why mining stocks are performing so well. Bitcoin is up about 70% this year, and that means the mantra for Bitcoin mining stocks in 2023 has been "bigger is better." The more mining facilities you have, the more mining rigs you have deployed, and the more Bitcoin you are able to mine, the better it typically is for your bottom line. When Bitcoin miners report monthly operational updates, the focus is almost exclusively on how much Bitcoin they've been able to mine.
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This 1 Bitcoin Mining Stock Nobody Is Talking About Is Up 340% for the Year