Mining Stocks Eclipse Bitcoin: Top Three Performers of 2023

• Despite Bitcoin (BTC) posting an impressive 87% increase since the beginning of 2023, some mining stocks have considerably outperformed Bitcoin’s growth.
• The top three winners in the BTC mining sector include Riot Platforms, Inc., Hut 8 Mining Corp., and HIVE Blockchain Technologies Ltd.

Exceptional Performers in Bitcoin Mining Sector in 2023

Bitcoin’s 2023 rally has been impressive with an 87% surge since the start of the year. However, some mining stocks have managed to significantly overshadow Bitcoin’s performance. Let’s delve into the top three performers in the Bitcoin mining sector.

Riot Platforms, Inc. (RIOT)

Colorado-based Bitcoin mining company Riot Platforms, Inc. (ISIN: US7672921050) provides a comprehensive solution for BTC data centers. Apart from operating ASICs, Riot also serves as an infrastructure firm for other mining and energy corporations.

Investors have rewarded Riot’s holistic business approach with impressive returns. Since the start of the year, Riot’s stock has risen by 212% and is trading at 13.35 USD at the time of writing. Recently, the company invested heavily, purchasing 33,280 new ASICs for approximately 163 million USD.

Hut 8 Mining Corp. (HUT)

Those who invested in Hut 8 Mining Corp. (ISIN: CA44812T1021) on January 1, 2023, can now celebrate a stellar return of 334%. Recently, the company announced it would add 6,400 additional ASIC miners to its Texas mining farm.

In May alone, the company mined 147 Bitcoins, worth around 4.5 million USD according to its reports.

HIVE Blockchain Technologies Ltd. (HIVE)

The bullish market for shareholders of HIVE Blockchain Technologies Ltd. (ISIN: CA43366H7040) has been in full swing for some time now. Since January 1, the stock has risen by 178%, with a HIVE share currently trading at 5.03 USD on Nasdaq.

HIVE has been in existence since 1987, but in 2017, it underwent a transformation to become a pure mining company, changing its name to HIVE Blockchain. The company’s mining centers are located in Canada, Sweden, and Iceland. As of March 2023, the company boasts an impressive hash rate of 3 Exahashes per second.