This 1 Magic Number Will Tell You if a Bitcoin Mining Stock Is Worth Buying
Throughout 2023, Bitcoin (CRYPTO: BTC) mining stocks have been soaring. For example, Riot Platforms (NASDAQ: RIOT) is up 180% for the year, while Marathon Digital Holdings (NASDAQ: MARA) is up an almost equally impressive 134%. The price of Bitcoin is up 60% during this period, so this strong market performance makes sense.
But there's more to analyzing Bitcoin mining stocks beyond just the price of Bitcoin. One magic number could be very helpful for investors in determining which mining stocks are worth buying.
It might sound obvious, but Bitcoin miners make money by mining as much Bitcoin as they can. As long as the price of Bitcoin is increasing, this should be profitable. That's why 2023 has been such a banner year for Bitcoin mining stocks.
Source Fool.com
