Bitcoin Mining Stocks Are Ripping Higher: What's Going On?

Author: Adam Eckert | February 27, 2024 10:20am

Shares of several Bitcoin (CRYPTO: BTC) mining stocks continue to move higher on Tuesday alongside the price of Bitcoin. Here’s a look at what you need to know.

What To Know: Bitcoin miners are getting a lift on Tuesday as the price of Bitcoin continues to trend higher. Bitcoin broke out of its recent trading range on Monday and has continued its surge on Tuesday moving above $57,000 and reaching its highest levels in more than two years.  

Crypto markets, and Bitcoin in particular, appear to be getting a boost from increased demand following recently approved spot ETFs and anticipation of April’s halving event.

Several Bitcoin mining stocks have outpaced Bitcoin in recent weeks, which may be partly due to better-than-expected earnings. CleanSpark shares soared after the company reported strong earnings at the beginning of the month, and multiple other Bitcoin miners are due to report quarterly results in the coming weeks.

Here’s a look at some of Tuesday’s biggest movers:

• CleanSpark Inc (NASDAQ:CLSK) up 13.9% at $23.17

• Marathon Digital Holdings Inc (NASDAQ: MARA) up 10.2% at $32.31

• Hut 8 Corp (NASDAQ:HUT) up 7.38% at $9.90

• HIVE Digital Technologies Ltd (NASDAQ:HIVE) up 6.79% at $4.56

• Bit Digital Inc (NASDAQ:BTBT) up 6.35% at $3.33

• Riot Platforms Inc (NASDAQ: RIOT) up 3.28% at $17.94

Check This Out: Veteran Trader Peter Brandt Says Bitcoin Could Reach $200K By 2025, Warns Against ‘Laser Eye’ Trend

$BTC Price Action: Bitcoin was up 11.37% over a 24-hour period at $57,101 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.

Posted In: $BTC BTBT CLSK HIVE HUT MARA RIOT