Cryptocurrency miners have seen their stock prices increase by as much as 120% month-on-month, amid a rebound in crypto asset prices, higher mining profitability and BTC yields increase.
Cryptocurrency miners such as Marathon Digital Holdings (124.12%), Core Scientific (110.39%), Hut 8 (98.95%) and Riot Blockchain (96.69%) have seen share prices Theirs skyrocketed in the last 30 days.
Core Scientific reported a staggering 1601% increase in Bitcoin mining output year-to-date, reaching 6,567 Bitcoins. Q2 revenue grew 118% year-over-year to $164 million, driven by an uptick in digital mining and storage revenue.
Hut 8 Mining Corp also saw its Bitcoin mined increase during the quarter, having increased by 71% year-on-year for a total of 946 Bitcoins mined. Their revenue also increased in the second quarter, up 30.7% year-over-year to $43.8 million.
Marathon Digital, which shared its Q2 results earlier this week, also said it increased Bitcoin production year-over-year, producing 707 Bitcoins during the quarter despite a “full macro environment.” challenge”, with an 8% increase in Bitcoin production.
The rise in stock prices has also coincided with the increase in crypto prices since the June and July declines, with key crypto assets including Bitcoin (BTC) and Ethereum (ETH) rising. 18.0% and 67.8% respectively.
Bitcoin miners in recent months have had to deal with a number of factors affecting production and profitability including lower mining asset prices and higher energy costs, in part believed to be due to the Texas heat wave and the Russian-Ukrainian conflict.