While several BTC mining stocks have soared significantly, one stands above all.
Bitcoin is down for the week, but it’s still up about 50% YTD. Meanwhile, Bitcoin mining stocks have jumped by over 200% year-to-date. One miner stock, Cipher Mining , is up by a whopping 389% for the year so far.
While markets are watching crypto prices after this week’s turbulence, crypto stocks are another class of blockchain assets in the bargain bin this week, especially with their soaring YTD trendline.Crypto stocks are up by quite a bit more this far into 2023 than the broad stock market benchmarks. The S&P 500 Index of the top 500 U.S. companies has increased by a very healthy 14% thus far in 2023.
But even those three top-performing stocks aren’t flying as high as some Bitcoin miners are, with the blockchain surging in activity this year. Two Bitcoin mining stocks, Riot Platforms Inc. and Marathon Digital Holdings Inc. , are trading well above 200% since January.in Q2. Marathon’s gains are also at 228%, exactly like its competitor. But since January, Cipher Mining is up by even more this week: 389%.
While their enormous returns on investment this year have made Bitcoin miners attractive to stock traders, there are additional Bitcoin-specific risks to mining stocks. Nasdaq advises:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tether CTO Paolo Ardoino says Bitcoin mining needs better analytical toolsStablecoin operator Tether is building specialized Bitcoin mining software aimed at using data analytics to optimize mining operations and boost production.
Read more »
Crypto mining stocks may be better option than Coinbase given regulatory pressure on virtual currency exchangesThe latest Distributed Ledger column from MarketWatch: a weekly look at the most important moves and news in crypto.
Read more »
Deep-Sea Mining Could Begin Soon, Regulated or NotMining the seafloor could boost global production of clean energy technology—and destroy the ocean in the process
Read more »
Mining Week 2023 - CoinDeskAn in-depth look into the latest advancements and current challenges in crypto and bitcoin mining, sponsored by Foundry.
Read more »
First EU spot Bitcoin ETF hits Euronext Amsterdam exchangeA first-ever European spot Bitcoin ETF has launched on the Euronext Amsterdam stock exchange.
Read more »
Lawmaker says Great Salt Lake mining operation is like 'Wild Wild West'Utah House Majority Leader Mike Schultz, R-Hooper, said Compass Minerals operating on the north arm of the Great Salt Lake is behaving as if it is the
Read more »