Bitcoin Mining Stocks Soar as BTC Blows Past $20K
Share prices for publicly traded bitcoin mining companies are soaring as the leading cryptocurrency sliced through the highly anticipated $20,000 mark Wednesday morning.
Riot Blockchain (RIOT), Marathon Patent Group (MARA) and Hive Blockchain (HIVE) all show double-digit percentage gains since the daily open at last check. Hive is up 25% on the day.
All three companies are now individually worth over $450 million.
Toronto-based Hut 8 (HUT) mining gained nearly 9% since the trading started Wednesday. The company currently is worth $168 million.
Over the same period, bitcoin gained 7%.
“Mining stocks are a very attractive way for investors to get upside exposure to [the] bitcoin price while being limited on the downside due to the infrastructure nature of the business,” Ethan Vera, co-founder of mining company Luxor Technologies, told CoinDesk earlier this month.
“The best mining companies can deliver profits in bear markets and have outsized returns in bull runs,” Vera said.
Year to date, bitcoin has gained over 185%.
