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Over the last month, major cryptocurrencies have rallied an average of 15% thanks to resurging investor enthusiasm. In order to get in on the profits, we're bringing you the best cryptocurrency stocks to buy in 2018.
In fact, we've found a way to reap the profits of cryptocurrency investing without buying a single digital currency.
You see, cryptocurrency "mining" has programmers scrambling to set up processors that can "mine" Bitcoin. However, the process is anything but cheap…
Recent estimates put the current cost of mining a single bitcoin between $3,000 and $7,000 due to the cost of electricity.
And mining bitcoins consumes an incredible amount of power. In fact, current estimates put the global energy consumption for mining Bitcoin as equal to the entire Middle Eastern nation of Qatar.
This demand won't be slowing down anytime soon, either. Analysts predict the growth of Bitcoin mining could boost its global power consumption by over 300% by the end of 2018.
To cash in on cryptocurrency energy consumption, we're looking at the best energy stocks.
We've identified three energy companies that are primed to take advantage of crypto mining's next boom region: the United States.
In addition to having cheap and ample power, the United States has almost no restrictions on Bitcoin mining.
And these energy companies are set to profit…
Top Cryptocurrency Stocks to Buy, No. 3: Entergy Corp.
Our first cryptocurrency stock is Entergy Corp. (NYSE: ETR), which has operations in Louisiana, Arkansas, Texas, and Mississippi.
Crescent Electric Supply Company, in research published early this year, reported that Louisiana had the lowest mining costs for Bitcoin in the United States, at $3,224.
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Not only that, but Arkansas and Mississippi made the top 10 for lowest energy costs, and Texas is right behind, at No. 11.
Entergy is also a player in renewable power. It recently announced an 81-megawatt solar project called the Stuttgart Solar Energy Center as a partnership with NextEra Energy Inc. (NYSE: NEE).
The company currently trades for around $80. However, analysts see the company's stock heading to $94 – a gain of 17.5%.
Top Cryptocurrency Stocks to Buy, No. 2: American Electric Power Co. Inc.
American Electric Power Co. Inc. (NYSE: AEP)provides incredibly low-cost electricity, ranking among the 20 most cost-effective electricity providers in the nation.
For AEP, renewable energy provides just under 13% of the company's current power generation.
However, the company is making significant inroads for industrial wind turbine development.
Its Wind Catcher project is a planned 2,000-megawatt project worth $4.5 billion. It will be the biggest U.S. wind farm when completed and will provide energy to four U.S. states at costs well below the company's closest competitors.
AEP shares trade at $70.41 and offer a nice 3.60% dividend. Plus, thanks to its robust profit potential, analysts see AEP's stock hitting $81 over the next 12 months – a gain of 15%.
However, our favorite energy stock to take advantage of the crypto boom has a growth potential over twice that…