Canadian crypto stocks provide investors with a gateway to the rapidly expanding cryptocurrency market. Cryptocurrencies, decentralized digital currencies operating independently of traditional banking systems, are built on blockchain technology—a secure, distributed ledger shared across network nodes.
Bitcoin remains the most prominent cryptocurrency, with its creation process known as mining. While individual mining was feasible in Bitcoin’s early days, today’s competitive landscape demands industrial-scale operations. Large firms with specialized equipment now dominate, mining substantial quantities daily. Investing in these companies allows individuals to tap into crypto’s potential without direct exposure to volatility.
Below, we analyze the top Canadian crypto mining stocks of 2024, ranked by year-on-year share price growth. Data was sourced from TradingView’s stock screener on December 9, 2024. Companies with market caps below C$10 million were excluded.
1. SOL Strategies (CSE:HODL)
Year-on-year gain: 2,540%
Market cap: C$434.14 million
Current share price: C$2.64
Formerly Cypherpunk Holdings, SOL Strategies rebranded in September 2024 to reflect its exclusive focus on Solana. The company holds significant Solana (SOL) assets and operates validators on its blockchain. A October 2024 update highlighted increased SOL delegations to its validator, enhancing staking rewards.
👉 Explore Solana investment strategies
2. Bitcoin Well (TSXV:BTCW)
Year-on-year gain: 333.33%
Market cap: C$29.46 million
Current share price: C$0.20
Bitcoin Well simplifies Bitcoin access via ATMs and an online portal launched in Canada (2022) and the U.S. (2024). Its shares peaked at C$0.25 in March 2024 following record portal signups and a financing deal with Haywood Securities.
3. Hut 8 (TSX:HUT)
Year-on-year gain: 200.47%
Market cap: C$4.01 billion
Current share price: C$38.55
Hut 8 merges energy infrastructure with Bitcoin mining, offering hosting and managed services. A September 2024 partnership expansion with Bitmain aims to develop liquid-cooled miners for deployment in Texas by Q2 2025, promising enhanced efficiency and new revenue streams.
👉 Learn about advanced mining tech
4. DMG Blockchain Solutions (TSXV:DMGI)
Year-on-year gain: 8.14%
Market cap: C$98.38 million
Current share price: C$0.47
DMG operates a dual-segment model: Core (crypto infrastructure, hosting, hardware sales) and Core+ (Blockseer analytics platform for Bitcoin/Ethereum transaction tracking).
5. HIVE Digital Technologies (TSXV:HIVE)
Year-on-year gain: 6.73%
Market cap: C$792.32 million
Current share price: C$5.71
HIVE emphasizes green-energy Bitcoin mining across Canada and Europe. Its GPU network supports AI applications via HIVE Cloud, renting NVIDIA hardware for AI model training.
FAQ Section
Q: Why invest in crypto mining stocks instead of direct crypto?
A: Stocks offer regulated exposure without managing private keys or exchange risks.
Q: How does Solana differ from Bitcoin?
A: Solana prioritizes speed and lower fees, appealing to decentralized apps (dApps).
Q: What risks accompany crypto stocks?
A: Volatility, regulatory shifts, and technological obsolescence are key concerns.
Data and partnerships are accurate as of December 2024. Always conduct independent research before investing.