Bitcoin Mining Companies Stocks Rise

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In the wake of the crypto market topping its old peak following the US inflation news, the average cryptocurrency mining company stock is up 100% in just 1 month.

By the afternoon of August 12, Bitcoin moved around 23,960, Ethereum approached the resistance of $ 2,000. In general, in the past 1 month, the crypto market appeared a correction wave.

The market is “green” again. In terms of the 30-day growth of the top 10 coins by market capitalization, ETH leads the way with a gain of nearly 83%. DOGE is the coin with the lowest growth with 16%.

The crypto market is up in the last 30 days. Source: Coin360.

At the same time, favorable market conditions also helped crypto mining company stocks surge. Notably, it even outperformed the top 10 coins by market capitalization. Specifically:

  • Marathon Digital Holdings up 124.12%
  • Core Scientific up 110.39%
  • Hut 8 increased 98.95%
  • Riot Blockchain is up 96.69%

According to a report by Core Scientific (here) on August 11, in the second quarter, the number of Bitcoins this company mined reached 3,365 BTC, with an increase of more than 1,769%. At the same time, the company’s revenue was 164 million USD, up 118% over the same period in 2021.

Similarly, Hut 8 Mining Corp mined 946 BTC, up 71%. The company’s revenue reached 43.8 million USD, up 30.7% over the same period in 2021.

According to data from Bitinfocharts, Bitcoin mining profitability has rebounded from its lowest point (June 19).

Profit from Bitcoin mining. Source: Bitinfocharts.com.

However, the companies all announced increasingly large losses. This could be influenced by a number of factors that affect mining and profitability: low asset prices and high energy costs (due to the Texas heatwave) or the Russia-Ukraine conflict.

Source:  MarginATM

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