Crypto Mining Company Stocks Pump By 1.2X, Higher Than Individual Crypto prices
Stock prices of cryptocurrency mining companies are up by 1.2 within 30 days. The rise aligns with a bullish crypto market, an increase in the number of Bitcoins (BTC) mined, and the profitability of the crypto mining sector.
Mining companies with the highest increase in their stock prices include Core Scientific and Marathon Digital, which have posted 110 and 124 percent increases, respectively. Riot Blockchain and Hut 8 reported a more than 95% rise within the last month. Yahoo Finance-based data indicate that the increase in stock prices exceeded the rise of individual asset prices within the same period.
Bitcoin (BTC) and Ethereum (ETH) prices pumped 31.77% and 92.98% within the last 30 days.
In its second-quarter financial filing, Core Scientific reported a 16 times increase in the amount of BTC mined. Its revenue for the quarter jumped by over 110 percent to over 160 million USD YoY (Year-on-Year).
Core Scientific revealed its revenue received a significant boost from mining and hosting. Hut 8’s total mined Bitcoin touched 946 after a 71 percent increase. The crypto mining company attributed the increase to a rise in hash rate due to newly acquired ASICs and heightened activity in a new site in Canada. Its Q2 YoY revenue rose nearly 31 percent to reach 43.8 million USD.
Marathon Digital also witnessed a rise in BTC mined in the second quarter, with its mining efforts adding 700 BTCs to its stash.
Data from Ycharts shows that the profitability of BTC mining ventures has been rising since June 17.
However, the profitability of crypto mining companies has seen a general slump in the recent past due to a rise in energy costs driven by the Ukraine-Russia standoff and a drop in cryptocurrency prices.