The rising value of cryptocurrencies since the beginning of 2024 is also generally benefitting the crypto miners. That's because their performance tends to track that of the digital currency they mine. And yet, Riot Platforms (NASDAQ: RIOT) has underperformed its peers so far this year, declining by nearly 20%. This suggests a buying opportunity in the view of one analyst following the company.

One big issue for cryptocurrency miners like Riot is the emergence of spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs). For years, mining stocks were proxies for direct ownership of cryptocurrencies. The new spot ETFs end up being much better proxies, given the relative ease of investing in them and their offer of near-direct crypto ownership for investors. Their growing popularity dimmed some luster from miner stocks.

Another Bitcoin halving is approaching as well. This is entirely expected, but investor nervousness may be growing as the event is very close now.

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Source Fool.com