The Rise of Bitcoin Miners
The recent surge in cryptocurrency prices has resulted in significant gains for various sectors, including Bitcoin miners, blockchain-based firms, and yield farmers. Bitcoin miners have experienced a remarkable growth in stock, with a 10% increase as the asset’s price hovers around $35,000, nearing its 17-month high.
Marathon Digital Holdings (MARA) has seen a 10.54% uptick in its share price, currently trading at $9.86. Other mining-related companies such as Riot Platforms (RIOT) and CleanSpark (CLSK) have also seen substantial increases, with gains of 10.68% and 12.08% respectively.
This recent surge in mining-related stocks is not unprecedented. Since Bitcoin surpassed the $30,000 mark, miners have been experiencing positive growth, marking a few promising weeks for the market and the miners who have endured challenging times. In the past, declining prices and market downturns had caused significant losses for digital asset miners, coupled with industry collapses. Stricter regulations on miners had further worsened the situation.
“To survive, miners had to think outside the box with some selling equipment and others selling their Bitcoin reserves while trying to stay afloat until the next bull market.” –
However, this year has taken a different turn for miners as they have begun accumulating more Bitcoin in anticipation of the halving event, which could potentially usher in another bull cycle. Marathon Digital Holdings has witnessed an impressive 188% growth in its stock price this year, while Riot Platforms and CleanSpark have recorded growth rates of 231% and 128% respectively.
