12 Crypto Stocks with the Biggest Upside Potential

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10. Riot Platforms, Inc. (NASDAQ:RIOT)

Analyst Upside: 21.17%

Riot Platforms, Inc. (NASDAQ:RIOT) is a digital infrastructure and Bitcoin mining company operating in Central Texas, Kentucky, and Colorado.  The company’s primary strategic focus is on building itself as a leading vertically integrated Bitcoin mining company, standing on three pillars of strength: being a low-cost Bitcoin producer, developing and owning operations of significant scale, and building a strong balance sheet. In its fiscal Q3 2024 earnings, the company demonstrated advancement and success across all these three pillars.

Riot Platforms, Inc. (NASDAQ:RIOT) increased its total deployed hash rate by 27% quarter-over-quarter in fiscal Q3 2024. It went from 22 exahash to 28 exahash, meeting its quarter-end target. The company is on track to reach 35 exahash by the end of fiscal 2024.

Although Bitcoin’s halving and the growth in global hash rate by 4% quarter-over-quarter created some bearish headwinds for Bitcoin miners, Riot Platforms Inc. (NASDAQ:RIOT) was supported by its unique power strategy and position as one of the lowest-cost Bitcoin miners in the industry. Its cost to mine in fiscal Q3 2024 was thus significantly below the average price per Bitcoin. Riot Platforms, Inc. (NASDAQ:RIOT) ranks 10th on our list of the 12 crypto stocks with the biggest upside potential.

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