Crypto mining stocks, especially BTC mining stocks, are rising as the BTC is making new highs in 2024.
Saqib Iqbal, a financial analyst at Trading.biz, found one particular stock exciting and is currently trading at a bargain with a growth potential of 25%.
- BTC mining stocks, including Riot Platforms Inc. (NASDAQ: RIOT), are surging alongside Bitcoin’s rise.
- RIOT boasts low mining costs, significant cash reserves, and plans for the world’s largest Bitcoin farm.
- Despite a 30% dip, RIOT is a bargain with the potential for 25% growth.
He says, “It appeared that Riot Platforms Inc. (NASDAQ: RIOT) had a promising first quarter of 2024, according to its recent earnings report, and indeed, the future looks brighter. As a first benefit, its mining costs are among the lowest in the industry. Next, Riot has one of the largest cash reserves among BTC mining companies. In addition, the stock is down by more than 30%, presenting a great dip-buying opportunity.”
According to the company’s Q1 2024 report, RIOT produced 1364 BTC during the quarter, down by 36% from last year. However, the company’s Bitcoin mining revenue was $74.6 million in the quarter, up from $48 million a year ago.
Riot has some huge plans for the future. When completed, the company’s second large-scale facility, the Corsicana plant, will be the world’s single largest specialized Bitcoin farm.
The stock is down by more than 30% when you look at the price. However, Saqib sees it as an amazing dip-buying opportunity.
He says, “From its current price of $10.35, I think it can retest a resistance level of $13 in the short-term, a growth of 25%.
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