The three major Bitcoin mining stocks to watch in November: technical indicators suggest a rebound is imminent

In the second week of November, the stocks of the three major Bitcoin mining companies showed significant divergence: Riot Platforms (RIOT) fell 17% during the month to $17.12, MARA Holdings (MARA) declined by 32%, while Hut 8 Corp (HUT) rose against the trend by 14% to $47.18. In terms of performance, Riot Platforms reported a third-quarter revenue up 114% year-over-year to $180.2 million, MARA Holdings’ Bitcoin holdings surged 98% YoY to 52,850 coins, and Hut 8 Corp narrowed its quarterly loss from $0.26 per share to $0.07.

Technical analysis indicates that if market sentiment for cryptocurrencies improves, these three mining stocks could face key resistance levels at $20.70, $19.64, and $55.41 respectively.

Riot Platforms: Strong Performance and Technical Divergence

As one of the top five Bitcoin miners globally, Riot Platforms delivered impressive results in Q3. Revenue soared 114.2% YoY to $180.2 million, with net profit reaching $104.5 million (diluted EPS $0.26), significantly exceeding market expectations. Adjusted EBITDA was $197.2 million, reflecting sustained profitability in core mining operations. However, the capital markets responded tepidly, with the stock dropping 17% to $17.12 this month, maintaining a market cap of around $6.44 billion.

On the technical side, conflicting signals emerge. The Squeeze Momentum indicator shows a bearish pattern, suggesting short-term selling pressure may persist. If negative momentum releases, the stock could test support at $15.43. Nonetheless, fundamentals support optimism—company hash rate capacity is projected to reach 35 EH/s by early 2026, a 40% increase from current levels, which would significantly enhance its competitive edge in Bitcoin network difficulty adjustments. Analysts believe that if Bitcoin’s price recovers above $110,000, RIOT could break through the $18 resistance and rebound toward the $20.70 target, implying a forward P/E ratio of 12x in 2025, below the industry average of 16x.

MARA Holdings: Golden Cross and Fundamental Disconnection

Despite strong financials, MARA Holdings’ stock price shows a clear divergence from its fundamentals. Q3 earnings revealed a 98% YoY increase in Bitcoin holdings to 52,850 coins, valued at approximately $5.5 billion at current prices. Net income grew 92%, driven by energy cost optimization and improved mining efficiency. However, these positives did not prevent the stock from falling 32% this month, with technical indicators suggesting further declines to support levels at $15.40, $14.63, or even $13.85.

Positive signals come from technical indicators: on the daily chart, the 50-day moving average has crossed above the 200-day moving average, forming a “golden cross,” typically a bullish reversal signal. If market sentiment improves, MARA needs to reclaim the $17.70 level first, then challenge the $19.64 target. Options market data support this optimism—call open interest for the $18 strike expiring on November 22 increased by 220% over the past week, indicating some investors expect a short-term rebound. Management also revealed in earnings calls that they are exploring diversified revenue streams such as AI computing rental, which could serve as new catalysts for valuation.

Hut 8 Corp: Improved Performance Driving Technical Breakthrough

Hut 8 Corp has performed well amid the recent sector correction, rising 14% to $47.18, successfully avoiding the double-top technical pattern. The key driver was improved earnings: Q3 revenue increased 91% YoY to $83.5 million, and quarterly losses narrowed from $0.26 per share to $0.07. The company’s mining efficiency improved significantly, with the electricity cost per Bitcoin dropping 18% to $8,200, well below the industry average of $11,500.

On the technical front, the stock has broken out positively. After holding above the critical support at $41.33, it has rebounded strongly and is testing resistance in the $47–$50 range. Volume analysis shows the breakout was accompanied by trading volume 2.3 times the monthly average, confirming strong buying interest. If the stock successfully breaks through $50.06, the next target is $55.41, corresponding to 3.5 times the projected revenue in 2026, aligning with peer valuation levels. Risks include a decline in Bitcoin price below the $100,000 psychological level, which could cause HUT to retest support at $41.33. However, the company’s ample cash reserves (~$320 million) and low leverage (debt/equity ratio of 0.3) provide downside protection.

Core Metrics Comparison of the Three Major Miners

Financial Data

• Riot Platforms: Revenue $180.2 million (Q3), Net profit $104.5 million
• MARA Holdings: Bitcoin holdings 52,850 coins, net value up 92%
• Hut 8 Corp: Revenue $83.5 million (Q3), loss narrowed to $0.07 per share

Market Performance

• RIOT Market Cap: $6.44 billion, -17% month-to-date
• MARA Market Cap: $5.89 billion, -32%
• HUT Market Cap: $3.21 billion, +14%

Structural Changes in the Bitcoin Mining Industry

By 2025, the Bitcoin mining industry is undergoing profound transformation. After the fourth halving, block rewards decreased from 6.25 to 3.125 BTC, forcing miners to upgrade technology to maintain profitability. Industry hash rate concentration has increased sharply, with the top ten miners controlling 58% of the network hash rate, up from 45% in 2024. This consolidation trend grants listed companies advantages in equipment procurement, energy contracts, and financing but also raises concerns about network centralization.

Energy strategy has become a key differentiator. Riot Platforms leverages flexible power purchase agreements in Texas, selling excess electricity to the grid during peak times, generating an additional $12 million in Q2. MARA has deployed water-cooled mining systems in Canada, improving efficiency by 25%. Hut 8 has secured low-cost power through long-term purchase agreements with nuclear power plants. These innovations not only enhance individual profitability but also bolster the sustainability narrative of Bitcoin, attracting ESG-sensitive investors.

Investment Perspective and Risk Management

From an investment standpoint, Bitcoin mining stocks offer leveraged exposure to the crypto market. Historical data shows that mining stocks typically have a beta of 1.5–2.0 relative to Bitcoin, providing outsized gains in bull markets but also sharper declines. The current valuation ratios of the three companies’ enterprise value per hash rate are: RIOT $850,000/EH/s, MARA $780,000/EH/s, HUT $620,000/EH/s, compared to the industry average of $950,000/EH/s, indicating room for valuation recovery.

A diversified portfolio approach is recommended: allocate 60% of the planned investment to industry leader RIOT, 30% to transforming MARA, and 10% to high-growth HUT. Entry timing could be staged after Bitcoin confirms support at $105,000. Risk controls should focus on rising network difficulty squeezing margins, regulatory changes impacting energy costs, and the long-term effects of halving-induced revenue reductions. Setting a 15% stop-loss and periodic rebalancing can help manage downside risks.

Conclusion

The divergence in performance among the three major Bitcoin miners reflects the industry’s shift from rapid growth to more refined operational management. While short-term stock prices are influenced by cryptocurrency market volatility, miners with cost advantages, technological strength, and solid financials are likely to prevail in industry reshuffling. For investors comfortable with high volatility, current valuation levels may present a good medium- to long-term entry point.