Bitcoin's price surge has ignited a rally among North American bitcoin mining stocks, which opened with double-digit growth. The leading cryptocurrency broke through a critical threshold, reaching an 18-month high above $37,500. Early Thursday, the price leapfrogged over $36,000 ...
Bitcoin's price surge has ignited a rally among North American bitcoin mining stocks, which opened with double-digit growth. The leading cryptocurrency broke through a critical threshold, reaching an 18-month high above $37,500. Early Thursday, the price leapfrogged over $36,000 and didn't stop until it crossed $37,500, setting a record since May 2022.
Mining stocks are riding Bitcoin's coattails, with Marathon Digital Holdings leading the charge with a 21% increase in its stock price, now at $10.36, according to theminermag.
Other mining companies like CleanSpark, Riot, Hut 8, Terawulf, Bitfarms, Canaan, Bit Digital, and Iris Energy are also enjoying around a 15% increase in their stock prices. Despite the general uplift, Cipher Mining stocks dipped by 10% following Bitfury's stake sale news. The cumulative market cap of these 12 mining stocks has reached an impressive $8.8 billion.
However, it's not all celebration for the mining sector; most of these stocks have not yet hit their 52-week high, lagging behind Bitcoin's recent performance. This discrepancy highlights the volatile nature of the mining industry in comparison to the cryptocurrency they mine.