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The interconnected nature of the crypto industry makes the impact distributed all across the space. During the crypto winter-like worst situation, every other entity faces decline. While when the market starts recovering, it also spreads across all over the industry. Now the crypto market is witnessing some growth, other sectors like bitcoin mining are also growing.
Reports say that stock prices of crypto and bitcoin mining companies are showing good performance. Since last month, stock prices of bitcoin mining companies have seen a growth of more than 120%. The significant growth in stock prices represents the recovery in the markets. Apparently, many cryptocurrencies prices have increased recently including BTC. Profitability in mining operations increased along with bitcoin production.
Many prominent companies in the crypto mining sector reported to show quick growth. Marathon Digital Holdings reported stocks rose by 124.12%, Core Scientific grew by 110.39%, Hut 8 Mining saw 98.95% and Riot Blockchain stock price shot up by 96.69%. The companies reported to see the whole growth in the last one month.
Broadly the stock prices are related to the cryptocurrencies prices. However, crypto companies’ stock prices surpassed crypto prices in terms of growth, considering the Bitcoin (BTC) and Ethereum (ETH) rose by approx 18% and 67% respectively, during the similar time frame.
Not just the stock prices, the crypto mining companies also performed quite well in other factors. On August 11th, 2022, Q2 results of Core Scientific were released and it was reported to see a massive increment of more than 1,600% YTD. Meanwhile the revenue also jumped up to 118% year-to-date while reaching 164 million USD. The revenue include both digital mining and hotin revenue of the firm.
Revenue of bitcoin mining firm Hut 8 Mining Corp. increased by over 30% YTD when it reached upto 43.8 million USD. Number of bitcoin mined during the same time also witnessed the growth of 71%. Marathon Digital is also doing great as the company reported to see an increase of 8% in bitcoin production.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
