1. Bitfarms Ltd. (BITF)
Bitfarms Ltd., headquartered in Toronto, Ontario, proved itself to be one of Canada’s most dominant forces in cryptocurrency mining throughout 2024. It maintains five mining operations across Quebec, considered as among the most extensive vertically integrated operations in the cryptocurrency cosmos. The company achieves this by leveraging Quebec’s low-cost electricity, with a majority of its energy deriving from hydroelectric sources. This focus on sustainability helps Bitfarms decrease its environmental impact and further increase its profitability. Despite Bitcoin’s volatile movements, Bitfarms has maintained its standing and witnessed substantial profit growth, positioning it as one of the best-performing Canadian crypto mining stocks of 2024.
2. HIVE Blockchain Technologies Ltd. (HIVE)
A pioneer in the Canadian cryptocurrency mining scene, HIVE Blockchain Technologies Ltd., hailing from Vancouver, BC, continued its successful streak into 2024. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden, and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Its main operational focus on Ether mining, coupled with Ethereum’s striking performance in 2024, allowed HIVE to outperform many of its competitors, hence securing its place on this list.
3. Hut 8 Mining Corp. (HUT)
Championing the crypto mining industry in North America, Hut 8 Mining Corp., based in Toronto, Ontario, has emerged as an investor’s favourite. The company boasts one of the highest installed capacity rates in the industry and holds a substantial amount of self-mined Bitcoin. This strategic storage has boosted the company’s valuation in 2024 as Bitcoin prices soared. Hut 8’s pioneering approach to high-performance computing and commitment to transparency sets it apart within the market.
4. Neptune Digital Assets Corp. (DAKTF)
Neptune Digital Assets Corp., based in Vancouver, steps away from the conventional crypto mining structure and instead leans towards a diversified approach. Neptune invests in multiple cryptocurrencies, including Bitcoin, Dash, Litecoin, and Stellar, and works on blockchain-powered software development. Their strategic decisions have made their asset value increase impressively, particularly in 2024, with the diversified cryptocurrency portfolio cushioning the company against Bitcoin’s price volatility.
5. DMG Blockchain Solutions Inc. (DMGI)
Ending this list on a high note is DMG Blockchain Solutions Inc., another Vancouver-based company making waves in the crypto mining industry.