Bitcoin Mining Stocks Surge Ahead of Next Halving, Sparking Sector-Wide Rally
This week, publicly traded companies in the bitcoin mining sector experienced a significant resurgence, with many stocks achieving double-digit growth on Wednesday. Cleanspark’s shares surged by 22.8%, Marathon’s by 16.1%, and Riot’s by 11.81% during the trading session.
Bitcoin Mining Stocks Rally Ahead of Halving Event
With the next bitcoin halving event expected to reduce block rewards by half around April 20, 2024, the stocks of bitcoin mining companies have recently faced downturns. For example, Marathon Digital Holdings (Nasdaq: MARA) saw its shares drop over 20%, and Riot Platforms (Nasdaq: RIOT) witnessed a 25.5% fall against the U.S. dollar.
However, Wednesday brought significant recovery for these companies, with RIOT’s shares increasing by 11.81% and MARA’s by 16.1%. Furthermore, Hut8 (Nasdaq: HUT) experienced a 12.8% rise, Argo Blockchain (Nasdaq: ARBK) jumped by 17.33%, and Bitdeer Technologies Group (Nasdaq: BTDR) saw a 12.25% gain. Other companies such as Terawulf (Nasdaq: WULF), Bit Digital (Nasdaq: BTBT), Iris Energy (Nasdaq: IREN), Hive (Nasdaq: HIVE), and Bitfarms Limited (Nasdaq: BITF) also reported increases in their stock prices.
Cleanspark (Nasdaq: CLSK) notably ascended by 22.8% on Wednesday. In addition to mining firms, other publicly traded companies in the cryptocurrency space also recorded gains. Coinbase Global (Nasdaq: COIN) experienced an 11.63% increase, while Microstrategy (Nasdaq: MSTR) saw its shares rise by 9.10%. This boost in mining and crypto-related stocks aligns with bitcoin’s rebound to the $66,500 to $67,500 range after a dip below $61,000 on Wednesday.
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