Crypto Mining Firms Stock Prices Increase 120%

With crypto asset prices rebounding and increases in BTC production, mining companies have seen their stock prices rise as much as 120% over the last month.

While Bitcoin price has increased only 18.0% over the last 30 days and Ether - 67.8%, crypto mining companies Marathon Digital Holdings (124.12%), Core Scientific (110.39%), Hut 8 (98.95%), and Riot Blockchain (96.69%) have seen their stock prices skyrocketing over the same period of time.

In a Q2 results filing on Aug. 11, Core Scientific reported a staggering 1601% increase in self-mined Bitcoin year-to-date, reaching 6,567 Bitcoin. Q2 revenue rose 118% year-on-year to $164 million, driven by increases in digital mining revenue and hosting revenue.

Hut 8 Mining Corp. also saw its mined Bitcoin increase in the quarter, up 71% compared to the prior-year period to a total of 946 mined Bitcoin, with Marathon Digital also increasing production year-on-year, producing 707 Bitcoin in the quarter.

All three companies, however, announced new losses, caused primarily by impairment losses on their crypto holdings.