BTC mining stocks double in a month as production ramps

Core Scientific announced an astounding 1601% gain in self-mined Bitcoin year-to-date, reaching 6,567 BTC, in a Q2 results filing on Thursday.

BTC mining stocks double in a month as production ramps
Marathon Digital stated it had boosted its Bitcoin output year over year, creating 707 BTC in the quarter.

Due to rising mining profitability, recovering prices for crypto assets, and dramatic rises in Bitcoin (BTC) production, cryptocurrency mining companies have experienced a 120% spike in the price of their stocks over the past month, as reported by Cointelegraph.

According to statistics from Yahoo Finance, the stock prices of crypto mining businesses Marathon Digital Holdings, Core Scientific, Hut 8, and Riot Blockchain have all skyrocketed upward over the past 30 days, outpacing the prices of BTC (18.0%) and Ether (67.8%) assets.

Core Scientific announced an astounding 1601% gain in self-mined Bitcoin year-to-date, reaching 6,567 BTC, in a Q2 results filing on Thursday. Revenue from digital mining and hosting increased in Q2, driving a 118% year-over-year growth in revenue to $164 million, Cointelegraph noted.

Due to “an increase in hash rate from additional highly efficient miners” and the ramping up of activities at its Ontario mining site,” Hut 8 Mining Corp. also saw an increase in the amount of Bitcoin it mined during the quarter, up 71% compared to the same period last year to a total of 946 mining BTC. Additionally growing in Q2, its revenue climbed to $43.8 million, up 30.7% year over year.

Marathon Digital stated it had boosted its Bitcoin output year over year, creating 707 BTC in the quarter amid a “difficult macro environment,” with an 8% rise in Bitcoin production activities, when it released its Q2 results earlier this week, Cointelegraph stated.

But due to impairment losses on their crypto holdings, all three companies reported wider losses.

The production and profitability of bitcoin have been affected by a number of variables in recent months, including decreased asset prices and greater energy expenses, which are partly attributable to the Texas heat wave and the conflict between Russia and Ukraine, stated Cointelegraph.

(With insights from Cointelegraph)

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