Bitcoin

Hive

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<ul>
 <li>Bitcoin’s steady position above $30,000 boosts mining stocks.</li>
 <li>Several mining stocks, including Bit Digital and Hut 8, rose by over 10%.</li>
 <li>Upcoming Bitcoin halving may challenge the mining industry’s prosperity.</li>
</ul>
<p><strong>As Bitcoin’s stability remains unshaken above the $30,000 mark, mining stocks witness a significant surge, defying concerns over the imminent halving event that could affect mining rewards.</strong></p>
<h2 id="strong-monday-s-mining-stock-surge-the-big-players-strong"><strong>Monday’s Mining Stock Surge: The Big Players</strong></h2>
<p>Shares of prominent bitcoin miners like Bit Digital (BTBT), TeraWulf (WULF), Hut 8 (HUT), and CleanSpark (CLSK) saw an impressive surge of over 10% on Monday. This uptrend outstripped other notable miners like Marathon Digital (MARA), Riot Platforms (RIOT), and Hive Digital (HIVE), which experienced growth between 5% and 9%. Bitdeer (BTDR) was the only stock in this sector to register a decline, dropping approximately 10% by press time.</p>
<h2 id="strong-mining-stocks-vs-other-crypto-related-stocks-strong"><strong>Mining Stocks vs Other Crypto-Related Stocks</strong></h2>
<p>Mining shares typically demonstrate a more pronounced response compared to other crypto-related stocks since digital asset mining remains their principal revenue source. On the same Monday, other crypto-linked stocks, including giants like Coinbase (COIN) and MicroStrategy (MSTR), experienced a modest rise of less than 6%. Interestingly, despite the challenges faced in 2022, mining stocks have eclipsed Bitcoin’s performance this year. The Valkyrie Bitcoin Miners ETF (WGMI) saw its price double, while Bitcoin’s growth was pegged at 87%.</p>
<h2 id="strong-bitcoin-halving-the-looming-shadow-strong"><strong>Bitcoin Halving: The Looming Shadow</strong></h2>
<p>Despite the current bullish trends in the mining stocks, potential challenges are on the horizon. The much-anticipated Bitcoin halving, set to occur next year, will see mining rewards for successfully validating a bitcoin block slashed by half. This quadrennial event, embedded in Bitcoin’s code, aims to mitigate inflationary pressures on the cryptocurrency. With rewards currently standing at 6.25 BTC per block (around $187,000), post-halving, they will plunge to 3.125 BTC (nearly $93,000). While halving is often viewed as detrimental to the mining industry, B. Riley analyst Lucas Pipes suggests that low-cost and well-capitalized producers might weather the storm better than their counterparts.</p>
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>The resurgence of Bitcoin mining stocks is undeniably linked to Bitcoin’s resilience above the $30,000 threshold. However, as the industry teeters on the precipice of the forthcoming halving event, it remains to be seen how this will shape the mining landscape. While concerns loom large, the industry’s adaptability and resilience might once again come to the fore, defying all odds.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-mining-stocks-surge-amidst-halving-concerns-is-btcs-stability-the-driving-force/">Bitcoin Mining Stocks Surge Amidst Halving Concerns: Is BTC’s Stability the Driving Force?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Bitcoin Mining Stocks Surge Amidst Halving Concerns: Is BTC’s Stability the Driving Force?

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