Riot Platforms Leads Crypto-Mining Stocks Surge in March 2023

Shares of Riot Platforms (NASDAQ: RIOT) experienced increase of 59.8% in March 2023, outperforming its crypto-mining peers Marathon Digital (NASDAQ: MARA) and Hut 8 Mining (NASDAQ: HUT). The surge came after Riot released its February Bitcoin mining production and the financial results for Q4 and fiscal year 2022. 

While Bitcoin saw a 19.2% increase in March, settling at $28,041 per coin, Riot Platforms, Marathon Digital, and Hut 8 Mining recorded gains of 10.1%, 22.8%, and 12.1% respectively. The companies’ stock prices frequently align with fluctuations in the Bitcoin market. From the end of 2021 to the start of March 2023, the three companies’ stock prices experienced declines ranging between 72% and 79%, demonstrating the volatile nature of crypto-mining stocks.

Riot Platforms and Hut 8 focus exclusively on Bitcoin mining, while Marathon also offers data-center hosting services. Riot stands out due to its in-house power generation. As the market for cryptocurrencies continues to grow, these digital mining stocks are experiencing an upswing but are also exposed to considerable risks when the market cools. Crypto-mining stocks’ inherent volatility and risk profiles make them a high-stakes investment option.