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Over the past month, as the price of Bitcoin climbed 26% from a low of $18,930 to its current price of $23,900, crypto mining companies have seen their stock prices increase up to 120% during the same period as traders scrambled to get exposure to the crypto market. Judging from the outsized performance of these stocks, especially when compared to the 26% gain for Bitcoin and 67.8% increase for Ether , it would appear that crypto mining stocks were deeply oversold and have finally caught back up with the market.
Core Scientific reported a 1,601% increase in self-mined Bitcoin year-to-date in its Q2 results filing, which was posted on Thursday, bringing the total mined to 6,567 BTC. Thanks to increases in digital mining revenue and hosting revenue, the company's Q2 revenue rose 118% YoY to $164 million.
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