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BTC Mining Stocks Double In A Month, Production Ramps Up

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Stefan

BTC mining stocks double in a month, as production ramps up while the value of Bitcoin and Ethereum have increased somewhat. Bitcoin mining companies have been pumping money like crazy.

BTC Mining Stocks Double In A Month, Production Ramps Up

As a result of rising mining profitability, reviving crypto asset values, and rapid gains in BTC production, cryptocurrency mining companies have seen their stock prices rise by as much as 120% over the past month.

According to data from Yahoo Finance, the stock prices of cryptocurrency mining companies Marathon Digital Holdings (124.12%), Core Scientific (110.39%), Hut 8 (98.95%), and Riot Blockchain (96.69%) have skyrocketed upward over the past 30 days, outpacing the prices of Bitcoin (BTC) (18.0%) and Ether (ETH) (67.8%) assets.

In a Q2 results filing on August 11th, Core Scientific revealed a staggering 1601% increase in self-mined Bitcoin year-to-date, hitting 6,567 Bitcoin. Revenue from digital mining and hosting increased in Q2, driving a 118% year-over-year growth in revenue to $164 million.

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 mined Bitcoin. Additionally growing in Q2, its revenue climbed to $43.8 million, up 30.7% year over year.

Marathon Digital stated it has boosted its Bitcoin production year over year, producing 707 Bitcoin in the quarter amid a difficult macro environment, with an 8% rise in Bitcoin production activities according to their Q2 results released earlier this week.

Due to impairment losses on their crypto holdings, all three companies have reported wider losses.

Brief Overview

Since the decline in June and July, the price of major cryptocurrencies has also increased, with gains of 18.0% and 67.8%, respectively, for Bitcoin (BTC) and Ethereum (ETH), two of the most important ones.

After hitting a year-low on June 19, BitInfoCharts reports that the profitability of bitcoin mining has since improved.

Several factors, including declining asset prices and rising energy costs, which are partially linked to the Texas heat wave and the crisis between Russia and Ukraine, have recently had an impact on the production and profitability of bitcoin.

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