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Due to rising mining profitability, recovering prices for crypto assets, and dramatic rises in Bitcoin (BTC) production, cryptocurrency mining companies have experienced a 120% spike in the price of their stocks over the past month.

According to statistics from Yahoo Finance, the stock prices of crypto mining businesses Marathon Digital Holdings, Core Scientific, Hut 8, and Riot Blockchain have all skyrocketed upward over the past 30 days, outpacing the prices of BTC (18.0%) and Ether (67.8%) assets.
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Core Scientific announced an astounding 1601% gain in self-mined Bitcoin year-to-date, reaching 6,567 BTC, in a Q2 results filing on Thursday. Revenue from digital mining and hosting increased in Q2, driving a 118% year-over-year growth in revenue to $164 million.

Due to "an increase in hash rate from additional highly efficient miners" and the ramping up of activities at its Ontario mining site," Hut 8 Mining Corp. also saw an increase in the amount of Bitcoin it mined during the quarter, up 71% compared to the same period last year to a total of 946 mined BTC. Additionally growing in Q2, its revenue climbed to $43.8 million, up 30.7% year over year.

Marathon Digital stated it had boosted its Bitcoin output year over year, creating 707 BTC in the quarter amid a "difficult macro environment," with an 8% rise in Bitcoin production activities, when it released its Q2 results earlier this week.

But due to impairment losses on their crypto holdings, all three companies reported wider losses.

Since the decline in June and July, the price of major cryptocurrencies has also risen in tandem with the increase in stock prices, with BTC and ETH seeing gains of 18.0% and 67.8%, respectively.

According to Bitinfocharts, the profitability of bitcoin mining has also increased after reaching a year-low on June 19.

BTC Mining Profitability Over Last 3 months. Source: Bitinfocharts.com

The production and profitability of bitcoin have been affected by a number of variables in recent months, including decreased asset prices and greater energy expenses, which are partly attributable to the Texas heat wave and the conflict between Russia and Ukraine.

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