Bitcoin Hits $60K; Analyst Favors Riot Blockchain for Bitcoin Mining Exposure

Bitcoin has crossed $60k for the first time since 2021, fueled by approval of Bitcoin ETFs and impending Bitcoin halving event. This benefits Bitcoin miners.

Analyst John Todaro evaluates two leading Bitcoin mining stocks, Riot Platforms (RIOT) and Marathon Digital (MARA), and favors RIOT.

Todaro views RIOT as the lowest cost Bitcoin miner with clean balance sheet and cash reserves. He sets a Buy rating on RIOT with $18 price target.

While MARA is the largest Bitcoin miner, Todaro sees disruption risk from the 2024 halving event. He has a Neutral rating on the stock.

Consensus rating on RIOT is a Strong Buy while MARA has a Hold consensus rating, expecting shares to remain rangebound.