In this article, we will look at the 10 Most Undervalued Bitcoin Mining Stocks to Buy Now.
Trump’s Strategic Crypto Reserve and the Sentiment Around it
President Donald Trump recently signed an executive order to create a strategic crypto reserve that will include Bitcoin, Ether, XRP, Solana’s SOL token, and Cardano’s ADA. The reserve would be funded by coins seized in criminal and civil forfeiture cases. The US government does not have any plans to buy more bitcoin. In a post on Truth Social, President Trump said:
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World.”
The strategic reserve announcement, however, disappointed the crypto world, resulting in volatility in crypto prices. Investors were disappointed that it was not a more aggressive program. Matt Hougan, chief investment officer at Bitwise Asset Management, told CNBC’s Squawk Box Asia that “the market is short-term disappointed” the government did not announce it would begin acquiring 100,000 or 200,000 bitcoin immediately. Calling this fall in crypto prices a “short-term setback,” Hougan said:
“I think the market will soon find its footing and realize that actually this is incredibly bullish long term for this asset and for crypto as a whole.”
Does the Positive 2025 Crypto Outlook Still Stand?
CNBC reported that experts and investors anticipate crypto prices to fall even more before eventually rising to set new records. Their positive outlook for 2025 still holds, driven by regulatory tailwinds.
On March 10, Anthony Scaramucci, SkyBridge Capital founder and managing partner, appeared on CNBC’s ‘Squawk Box’ to talk about the state of Bitcoin and crypto, its long-term outlook, and more. He said that if we read through the current administration’s executive order, there is a lot of meat in there for bitcoiners. The problem with bitcoiners, unfortunately, is that they have been beaten down over the last four to five years. The expectations were thus very high that the Trump administration would come in and turn on a switch for the industry.
Commending David Sacks’ initiatives, Scaramucci said that Sacks is brilliantly trying to create a bi-partisan understanding of digital assets and their space in the United States. Trading is sloppy right now, but if we look forward to the next three to six months, we will likely see a lot more institutional buying. The fact that the United States is going to hold this asset would mean that other countries would ultimately end up buying this asset as well.
He said the Trump administration is trying to say that it wouldn’t spend tax-payer dollars on this initiative. Instead, it would find revenue-neutral ways to acquire bitcoin. These could include selling other assets under forfeiture to the United States and transitioning them into bitcoin. It is thus a step in the right direction. He was thus of the opinion that bitcoin is a very valuable long-term strategic asset.
With these trends in view, let’s look at the 10 most undervalued bitcoin mining stocks to buy now.
10 Companies Buying Bitcoin Like There’s No Tomorrow
Our Methodology
Since the Bitcoin mining industry is new and emerging, our criteria for determining undervalued bitcoin mining stocks involved examining analysts’ consensus price targets. We sifted through stock screeners, online rankings, and ETFs to compile a list of crypto mining stocks that analysts see at least 30% upside to over the next 12 months. We then selected the top 10 with the highest analyst upside potential as of March 17, 2025. We also added the number of hedge fund holders as of Q4 2024. We sourced the hedge fund sentiment data from Insider Monkey’s database. The list is sorted in ascending order of hedge fund sentiment.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10 Most Undervalued Bitcoin Mining Stocks to Buy Now
10. Hut 8 Corp. (NASDAQ:HUT)
Analyst Upside: 141.74%
Number of Hedge Fund Holders: 34
Hut 8 Corp. (NASDAQ:HUT) is a bitcoin miner and a vertically integrated operator of large-scale energy infrastructure. It acquires, builds, designs, and operates data centers to power compute-intensive workloads, such as bitcoin mining. Its operations are divided into four business segments: Digital Assets Mining, Managed Services, High Performance Computing-Colocation and Cloud, and Other.
The company reported $331 million in net income in 2024, up from $21.9 million in the previous year. A significant factor behind this growth was the rise in bitcoin prices. Furthermore, the better-than-expected net income came from the company experiencing a sharp reduction in energy costs, down by 30%. Hut 8 Corp. (NASDAQ:HUT) ended 2024 with 10,171 Bitcoin holdings valued at over $900 million.
Revenue for fiscal Q4 2024 also rose 69% year over year to $162.4 million. The company further strengthened its capital position by introducing a proactive Treasury Management Framework designed to enhance capital efficiency and generate risk-adjusted returns that outperform idle cash. Leveraging this framework, Hut 8 Corp. (NASDAQ:HUT) expanded its strategic Bitcoin Reserve by purchasing 990 Bitcoin, growing it to more than 10,000 Bitcoin with a market value of approximately $950 million at year-end. In a report released on March 6, Brett Knoblauch from Cantor Fitzgerald reiterated a Buy rating on the company, with a price target of $30.00.
9. Bit Digital, Inc. (NASDAQ:BTBT)
Analyst Upside: 145.90%
Number of Hedge Fund Holders: 14
Headquartered in New York City, Bit Digital, Inc. (NASDAQ:BTBT) is a holding company that provides a platform for digital assets and AI infrastructure. Its Bitcoin mining operations are spread through the US, Canada, and Iceland.
In October, Bit Digital, Inc. (NASDAQ:BTBT) announced the acquisition of Enovum, which owns, operates, and develops high-performance computing data centers. The deal was valued at around $46 million and marked a significant improvement for Bit Digital, Inc. (NASDAQ:BTBT). The transaction vertically integrated the company’s HPC operations with a fully operational and fully leased Tier 3 data center in a significant city. In addition, it added a strong customer base and brought in an experienced team for the company, allowing it to scale its infrastructure business.
2024 was a significant year for Bit Digital, Inc. (NASDAQ:BTBT), with revenues growing exponentially by 141%, margins expanding, and adjusted EBITDA reaching $73 million. This growth was driven by the substantial growth of the company’s HPC business, which went from one customer in 2024 to more than 20 customers in early January 2025. HPC revenue comprised over 40% of full-year 2024 revenue and more than half of fiscal Q4 2024 revenue, lending a positive light to the company.
8. Cipher Mining Inc (NASDAQ:CIFR)
Analyst Upside: 163.16%
Number of Hedge Fund Holders: 23
Cipher Mining Inc. (NASDAQ:CIFR) develops and operates bitcoin mining data centers. It operates four bitcoin mining data centers in Texas through its subsidiaries, including Cipher Mining Technologies Inc. The company specializes in industrial-scale Bitcoin mining and is dedicated to enhancing and fortifying the critical infrastructure of the Bitcoin network in the US.
Cipher Mining Inc. (NASDAQ:CIFR) reported revenues worth $42 million in fiscal Q4 2024 and GAAP net earnings of $18 million. It produced adjusted earnings of $51 million for the quarter, up $54 million from the prior quarter. These numbers demonstrate the company’s success in executing its vision as a low-cost bitcoin producer. Management anticipates the relative advantages of being a low-cost bitcoin producer to continually grow in the future, which is why investors are bullish on the stock.
The company successfully upgraded its Odessa fleet in fiscal Q4 2024, which grew its total self-mining hash rate to 13.5 EH/s. Cipher Mining Inc. (NASDAQ:CIFR) expects to continue building on this growth in 2025, with its hash rate projected to reach at least 23 EH per second in the third quarter of this year. This growth will be supported by the completion of phase one of the company’s 300-megawatt Black Pearl data center, which would substantially expand its current operating capacity of 327 megawatts.
Rosenblatt initiated coverage of the company with a Buy rating and $6.50 price target, assuming a 6-times expected forward adjusted EBITDA multiple on the stock due to its belief that it will enter the higher-multiple HPC business. The company ranks eighth on our list of the 10 most undervalued bitcoin mining stocks to buy now.
7. CleanSpark, Inc. (NASDAQ:CLSK)
Analyst Upside: 176.04%
Number of Hedge Fund Holders: 27
CleanSpark, Inc. (NASDAQ:CLSK) is a bitcoin mining company that independently owns and operates data centers across the US, with locations in Georgia, Mississippi, Tennessee and Wyoming. It operates approximately 188,500 bitcoin mining machines, with a hash rate capacity of approximately 27.6 EH/s and a fleetwide efficiency of 21.94 joules per terahash (J/TH). CleanSpark, Inc. (NASDAQ:CLSK) has a range of subsidiaries, including ATL Data Centers LLC, CleanBlok, Inc., CleanSpark DW, LLC, CleanSpark GLP, LLC, and more.
The company boasts a broad portfolio strategy that includes 31 mining facilities across four states, with strategically selected locations expected to support its expansion. It is positioned to mine more bitcoin profitably due to the expansion of its operations, reaching 50 exahash by the first half of 2025 without relying on equity to fund the growth.
CleanSpark, Inc. (NASDAQ:CLSK) reported $162.3 million in revenue in fiscal Q1 2025, representing 120% growth compared to the same period last year. It closed the quarter with a net income of $246.8 million, while its adjusted EBITDA grew to $321.6 million, setting a new benchmark for the industry. This growth was attributed to bitcoin’s price appreciation during the quarter, the company’s smooth bitcoin mining operations, a disciplined capital strategy, and its long-term view of Bitcoin as a strategic asset.
6. TeraWulf Inc. (NASDAQ:WULF)
Analyst Upside: 191.41%
Number of Hedge Fund Holders: 43
TeraWulf Inc. (NASDAQ:WULF) operates and owns data center infrastructure specifically designed for high-performance computing and Bitcoin mining. It primarily leverages environmentally sustainable and zero-carbon energy sources, such as hydroelectric and nuclear power, to power its Bitcoin mining and other operations.
The company’s unique focus on cost-effective and clean energy is significant, as the Bitcoin mining industry is increasingly aligning with its core strengths of commitment to sustainable energy and operational excellence. In 2024, TeraWulf Inc. (NASDAQ:WULF) doubled its revenue and adjusted EBITDA year-over-year, driven by higher Bitcoin production and favorable Bitcoin pricing. As of year-end, the company achieved a hash rate of 9.7 exahash per second, powered by approximately 60,000 miners.
It is on the path to further boost its operations, having received over 90% of its new S21 Pro miners, which, once fully deployed, would bring its total mining power utilization to 245 megawatts, increase its hash rate to 13.1 exahash per second, and improve its fleet efficiency to 18.2 joules per terahash. All these factors support positive investor sentiment regarding the company.
5. IREN Limited (NASDAQ:IREN)
Analyst Upside: 205.13%
Number of Hedge Fund Holders: 44
Formerly known as Iris Energy Limited, IREN Limited (NASDAQ:IREN) is an Australia-based company that owns and operates renewable energy-powered data centers. Its facilities are specially optimized for bitcoin mining, AI cloud services, and other power-dense computing.
IREN Limited (NASDAQ:IREN) is expanding its capacity to 57 EH/s by H2 2025 and initiating direct-to-chip liquid cooling systems in existing data centers to allow rapid scaling for cloud & colocation opportunities.
During fiscal Q2 2025, IREN Limited (NASDAQ:IREN) mined 1,347 Bitcoins, reflecting a notable increase of 813 bitcoins from the first quarter. The company also reported strong growth in its AI operations in its February 2025 update. Its AI Cloud Service was near full utilization by month-end, driven by demand for NVIDIA H100/H200 chips, with future expansion planned using Blackwell processors.
On March 17, the company announced the signing of a 600MW grid connection agreement with AEP Texas Inc. for its West Texas Sweetwater 2 project. The project would allow IREN Limited (NASDAQ:IREN) to advance its 2GW Sweetwater data center hub, boosting its competitive market standing in the data center infrastructure market. The project is anticipated to be energized by late 2027.
4. Canaan Inc. (NASDAQ:CAN)
Analyst Upside: 215.32%
Number of Hedge Fund Holders: 16
Canaan Inc. (NASDAQ:CAN) is a holding company that develops and sells Bitcoin mining machines and related services. It specializes in green mining. The company also designs, researches, and sells Integrated circuits (IC) and leases mining equipment by integrating IC products for Bitcoin mining and related components in China.
The company’s February results showed steady strides in its mining operations and product innovation. It successfully upgraded its mining rigs at Stronghold’s Panther Creek facility, achieving 0.93 EH/s of fully operational hash rate since February. In addition, its joint mining collaboration with Luna Squares is on schedule. These efforts led to a sequential increase in Canaan Inc.’s (NASDAQ:CAN) month-end operating hash rate from 5.53 EH/s to 5.73 EH/s and helped grow its owned cryptocurrency balance sheet to 1,355 bitcoins.
Beyond mining, Canaan Inc. (NASDAQ:CAN) is focused on delivering innovative and accessible mining solutions. In February, it introduced the Avalon Q, a compact, app-controlled home mining machine that delivers 90 TH/s of computing power with ultra-quiet operation. Avalon Q is the first professional-grade Bitcoin miner that supports a 110V home power supply. It is available for pre-order, and delivery is anticipated to begin in April 2025. The company takes the fourth spot on our list of the 10 most undervalued bitcoin mining stocks to buy now.
3. Bitfarms Ltd. (NASDAQ:BITF)
Analyst Upside: 260.36%
Number of Hedge Fund Holders: 15
Bitfarms Ltd. (NASDAQ:BITF) is a vertically integrated Bitcoin mining company based in Canada. It currently has 15 Bitcoin data centers operating in the US, Canada, Argentina, and Paraguay. The company operates server farms that comprise computers (Miners) specifically designed to validate transactions on the Bitcoin Blockchain. It operates Miners about 24 hours a day to produce computational power sold to Mining Pools under a formula-driven rate known as Full Pay Per Share (FPPS).
Bitfarms Ltd. (NASDAQ:BITF) ranks among the largest internationally diversified energy contracts portfolios in the Bitcoin data center business. It has managed to grow its portfolio organically, which lends it a competitive market edge. The company’s portfolio is also not susceptible to market risks because of its exposure to various energy sources and providers, climates, government authorities, and geographies.
On March 17, the company announced the successful completion of its previously announced acquisition of Stronghold Digital Mining, Inc. The acquisition could add up to 307 MW of power capacity and is expected to put Bitfarms Ltd. (NASDAQ:BITF) on track to increase its energy portfolio to over 950 MW by year-end 2025. The company intends to expand and rebalance its energy portfolio, with nearly 50% in the U.S. by the end of 2025.
2. Hive Digital Technologies Ltd. (NASDAQ:HIVE)
Analyst Upside: 345.40%
Number of Hedge Fund Holders: 13
Based in Canada, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a cryptocurrency mining company focused on sustainable green energy. It operates green energy-powered data center facilities in Iceland, Sweden, and Canada. In addition to its hard assets, such as advanced multi-use servers and data centers, the company also operates a fleet of around 38,000 commercial-grade NVIDIA graphic processing units (GPUs).
The company generated $29.2 million in revenue in fiscal Q3 2025, compared to $22.6 million in the previous quarter. This growth was impacted by an increase in the price of Bitcoin, which resulted in higher revenue from digital currency mining. HIVE Digital Technologies Ltd. (NASDAQ:HIVE) also saw 35% higher HPC revenues quarter-over-quarter.
The company also boasts a healthy balance sheet, with a cash position of $9.8 million as of December 31, 2024. It also has $260.8 million in digital currencies, a significant increase from the prior quarter, driven by higher HODL balances and higher bitcoin prices. Investors are thus bullish on the stock, ranking it second on our list of the 10 most undervalued bitcoin mining stocks to buy now.
1. Greenidge Generation Holdings Inc. (NASDAQ:GREE)
Analyst Upside: 391.04%
Number of Hedge Fund Holders: 3
Greenidge Generation Holdings Inc. (NASDAQ:GREE) is a vertically integrated cryptocurrency data center and power generation company. Its cryptocurrency data center operations earn Bitcoins as transaction fees or rewards for supporting the global Bitcoin network via application-specific integrated circuit computers leased or owned by the company. The company reported total revenues of $14.8 million in its fiscal Q4 2024 preliminary results, reflecting an improvement of $2.4 million from fiscal Q3 2024.
As of fiscal Q1 2025, the company holds over 85 bitcoin. It also reduced debt by over $5.2 million of aggregate principal amount through privately negotiated debt-for-equity exchanges, including approximately $3.7 million completed in 2024. Throughout 2024, the company reduced its SG&A expenses by almost $9 million and implemented significant new growth strategies. These included the acquisition and successful build-outs of sites in North Dakota and Mississippi, representing 15MW of additional mining capacity.
Greenidge Generation Holdings Inc. (NASDAQ:GREE) currently holds 119MW of active self-mining, hosting, and power generation across sites in New York, Mississippi, and North Dakota. Investors are bullish on the stock as it expects to add a planned mining capacity of 2.5MW in Q2 2025 and 25MW by Q4 2025, potentially ending the year with a total mining capacity of 146.5MW.
Overall, GREE ranks first among the 10 most undervalued bitcoin mining stocks to buy now. While we acknowledge the potential of bitcoin mining stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GREE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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