Crypto Mining Firms Stock Prices Increase 120%
All companies, however, announced new losses, caused primarily by impairment losses on their crypto holdings.
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.
