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<p class="is-style-lead">Bitcoin mining stocks like Marathon Digital and Riot Platforms rose by over 4% on Monday as cryptocurrencies bounced back.&nbsp;</p>
<h2 class="wp-block-heading" id="bitcoin-price-made-a-bullish-breakout">Bitcoin price made a bullish breakout</h2>
<p>Marathon Digital (MARA) shares rose to $22.45 while RIOT jumped to $11.7. Other Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) mining companies like CleanSpark, Bitfarms, and Core Scientific also rose.</p>
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  MARA vs RIOT stocks | Source: <a href="https://crypto.news/" target="_blank" rel="noopener noreferrer nofollow">crypto.news</a>
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<p>This rebound happened as Bitcoin rose above $70,000 for the first time since June 10. It has moved into a local bull market, rising by almost 30% from its lowest point in July.</p>
<p>Bitcoin’s rally was notable because it flipped the <a href="https://crypto.news/microstrategy-stock-rises-as-bitcoin-price-pierces-the-falling-wedge/" target="_blank" rel="noopener noreferrer nofollow">falling broadening wedge</a> pattern, a popular bullish sign. That rebound implies that Bitcoin could continue rising as buyers target the key point at $72,000, where it formed a double-top pattern in May and June.&nbsp;</p>
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  Bitcoin price | chart by <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
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<p>Bitcoin mining stocks thrive when the coin is rising because they are among the biggest holders. Data shows that Marathon Holdings holds 20,000 Bitcoins on its balance sheet. Just last week, the company bought more coins worth $100 million.</p>
<p>Riot Platforms is the fifth biggest holder after MicroStrategy, Marathon, Tesla, and Coinbase. It has 89,000 coins while Hut 8 Mining holds 89,100.&nbsp;</p>
<p>These companies also benefit when they sell their mined coins. For example, Marathon Digital’s annual revenue rose from $117 million in 2022 to $387 million as Bitcoin rose to almost $50,000 in 2023.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-miner-riot-platforms-acquires-rival-block-mining-for-92-5m" rel="noopener noreferrer nofollow"> Bitcoin miner Riot Platforms acquires rival Block Mining for $92.5m </a></p>
<h2 class="wp-block-heading" id="riot-platforms-riot-and-marathon-digital-mara-earnings">Riot Platforms (RIOT) and Marathon Digital (MARA) earnings</h2>
<p>RIOT and MARA stocks could find some resistance when they publish their second-quarter financial results on Wednesday and Thursday, respectively.</p>
<p>These will be important results because they are the first ones since the recent halving event in April. Bitcoin price also remained in a consolidation phase during the quarter.</p>
<p>You might also like: <a href="https://crypto.news/bitcoins-hashrate-reached-post-halving-bottom-analysts-say" rel="noopener noreferrer nofollow"> Bitcoin’s hashrate reached post-halving bottom, analysts say </a></p>
<p>Since then, most mining companies have reported weak mining data. Marathon mined 590 Bitcoins in June, <a href="https://ir.mara.com/investors/news-events/press-releases/detail/1361/mara-announces-bitcoin-production-and-mining-operation-updates-for-june-2024#" target="_blank" rel="noopener noreferrer nofollow">down from 979</a> in June 2023 and down from 616 in May.&nbsp;</p>
<p>Similarly, Riot Platforms mined 255 coins in June, a big drop from the 460 it mined in June 2023.&nbsp;</p>
<p>The <a href="https://finance.yahoo.com/quote/MARA/analysis/" target="_blank" rel="noopener noreferrer nofollow">average estimate</a> is that Marathon Digitals’ revenue rose by 93% YoY in Q2 to $157 million. That increase will be because of higher Bitcoin prices. It made $165 million in the first quarter. Riot Blockchain made $79.3 million in Q1 and is expected to have made $72.2 million in Q2.</p>
<p>Historically, quarterly earnings have an impact on stocks. For example, Tesla stock retreated last week after releasing weaker-than-expected Q2 numbers.&nbsp;</p>
<p>Fortunately for Bitcoin mining stocks, industry insiders remain upbeat that Bitcoin will continue rising. MicroStrategy’s Michael Saylor expects BTC to rise to $13 million while Michael van de Poppe believes that it has more upside as long as it stays above $62,000. <a href="https://crypto.news/plan-b-says-i-expect-btc-price-to-double-in-3-5-months/" target="_blank" rel="noopener noreferrer nofollow">Plan B expects Bitcoin to double</a> in the near term.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> is back at $70,000!<br><br>Donald Trump's speech has provided a positive impact, through which Bitcoin might be facing an ATH test in the coming weeks.<br><br>As long as it stays above $60-62K, we're in good territory for further continuation <a href="https://t.co/PVdmRjJKoN" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/PVdmRjJKoN</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1817824883734167888?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 29, 2024</a>
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Bitcoin mining stocks MARA and RIOT are rising: beware of an earnings shocker

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