Bitcoin miners return to favor in the stock market

The miners’ performance is strongly correlated with the Nasdaq’s momentum, which reached its all-time high on Monday, June 17.

Bitcoin miners posted quite strong performances in the stock market on Monday. Hive Digital Technologies, which specializes in building and operating data centers, acquired 11%. Terawulf, a bitcoin mining company focused on carbon-free infrastructure, acquired 12%. And Canaan, a company specializing in Bitcoin mining machines, acquired 20%.

The largest Bitcoin mining companies have also seen their stock prices rise rapidly. This is the case of Marathon Digital, which gained 2.8%, Hut 8, which gained 8.5%, or even Riot Platforms, which saw its stock price increase by 3.6% on Monday.

Nasdaq listing helps bitcoin miners

Three things explain the exponential growth of these companies. Investors are bullish after Core Scientific’s deal with AI miner Coreweave (which filed for bankruptcy before being revived thanks to Blackrock) and the biggest bitcoin mining difficulty since last April’s halving of rewards halved rewarded. These performances also correlate with the dynamics of the Nasdaq index, which reached its all-time high on Monday, June 17, at 17,857.02 points.

Bitcoin miners are therefore being sucked up as well. They are also considered the preferred financiers of the future of artificial intelligence. Artificial intelligence will play an increasingly important role in Bitcoin mining.

JPMorgan Bank revealed in a report that the combined market capitalization of 14 US-listed bitcoin mining companies hit an all-time high of $22.8 billion on June 15. These companies now account for approximately 23.8% of the global hashrate, up nearly 1% from the previous month.

Antoine Larigaudrie and S├ębastien Bordry

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