BTC Mining Stocks Double in a Month as Production Rises
While Bitcoin and Ethereum prices may have spiked lately, Bitcoin mining companies have absolutely pumped.
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Crypto mining companies have seen their stock prices rise by as much as 120% in the past month amid a rebound in crypto asset prices, higher mining profitability and a surge of BTC production.
According to data from Yahoo Finance - significantly outperforming asset prices Bitcoin (BTC) (18.0%) and Ether (ETH) (67.8%).In a second-quarter earnings filing on August 11, Core Scientific reported a staggering 1,601% increase in self-mined bitcoins year-to-date, reaching 6,567 bitcoins. Second-quarter revenue grew 118% year-on-year to $164 million, driven by higher digital mining revenue and hosting revenue.
Hut 8 Mining Corp. also saw its Bitcoin mined increase during the quarter, up 71% from the prior year period, to a total of 946 Bitcoin mined due to "an increase in hash rate from miners highly efficient additional resources" and ramping up operations at its Ontario mine site. Its revenue also increased in the second quarter, up 30.7% year-on-year to $43.8 million.
Marathon Digital, which shared its second quarter results earlier this week, also said it increased its Bitcoin production year-over-year, producing 707 Bitcoin in the quarter despite a "challenging macro environment ", with an 8% increase in Bitcoin production activity.
However, all three companies saw increased losses, due to writedowns on their crypto holdings.
While Bitcoin and Ethereum prices may have spiked lately, Bitcoin mining companies have absolutely pumped.
New
Crypto mining companies have seen their stock prices rise by as much as 120% in the past month amid a rebound in crypto asset prices, higher mining profitability and a surge of BTC production.
According to data from Yahoo Finance - significantly outperforming asset prices Bitcoin (BTC) (18.0%) and Ether (ETH) (67.8%).In a second-quarter earnings filing on August 11, Core Scientific reported a staggering 1,601% increase in self-mined bitcoins year-to-date, reaching 6,567 bitcoins. Second-quarter revenue grew 118% year-on-year to $164 million, driven by higher digital mining revenue and hosting revenue.
Hut 8 Mining Corp. also saw its Bitcoin mined increase during the quarter, up 71% from the prior year period, to a total of 946 Bitcoin mined due to "an increase in hash rate from miners highly efficient additional resources" and ramping up operations at its Ontario mine site. Its revenue also increased in the second quarter, up 30.7% year-on-year to $43.8 million.
Marathon Digital, which shared its second quarter results earlier this week, also said it increased its Bitcoin production year-over-year, producing 707 Bitcoin in the quarter despite a "challenging macro environment ", with an 8% increase in Bitcoin production activity.
However, all three companies saw increased losses, due to writedowns on their crypto holdings.
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