Bitcoin Miners: Marathon Vs. Riot

Bitcoin Miners Report, January 2025

Judging by the relationship between Bitcoin's price action and Bitcoin mining stocks as a group, our original Bitcoin miners thesis was wrong.

You can make good returns by investing in the miners, but in this new market, none of them is likely to deliver the 10x Bitcoin performance that justifies the risk.

Betting on Bitcoin miners as a general category isn't the best strategy. You need to choose specific stocks based on the profile you seek in your portfolio.

Let's analyze this by focusing on the two heavyweights of the category: Marathon and Riot.

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Bitcoin Miners: Marathon Vs. Riot

The Takeaway

Our original thesis that Bitcoin miners would outperform Bitcoin in this bull market was wrong.

However, market leaders Marathon and Riot have adopted strong Bitcoin accumulation strategies that make them attractive investments with different risk profiles. Marathon offers higher potential returns but more volatility, while Riot presents a more conservative option.

Both appear undervalued at current prices, but investors should choose based on their risk appetite rather than betting on mining stocks as a category.

Undervalued Miners