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Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are rising Wednesday amid continued strength in the price of Bitcoin.
What To Know: Bitcoin continues to trend higher, driving strength in the broader crypto space and in crypto-related stocks. Bitcoin hit its highest level since November 2021 Wednesday morning when it crossed the $60,000 mark. Bitcoin appears to be benefiting from increased demand on the back of recently approved spot ETFs and anticipation of April's halving event.
Several Bitcoin mining stocks have outpaced Bitcoin in recent weeks, which may be partly due to better-than-expected earnings from the group. CleanSpark shares soared after the company reported strong earnings at the beginning of the month, and multiple other Bitcoin miners are due to report quarterly results in the coming weeks.
Some of the other Bitcoin mining stocks moving Wednesday include Hut 8 Corp (NASDAQ:HUT), HIVE Digital Technologies Ltd (NASDAQ:HIVE), Bit Digital Inc (NASDAQ:BTBT) and Bitfarms Ltd (NASDAQ:BITF).
Bitcoin miners receive a reward for successfully mining Bitcoin transactions. The amount of rewards miners receive is set to be cut in half in April. Crypto markets have historically rallied in the months that follow a halving event.
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$BTC Price Action: Bitcoin broke out of a trading range at the beginning of the week and has seen continued upward momentum since. It was up 5.67% over a 24-hour period at $60,382 at the time of writing, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.
