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BTC mining stocks double in a month as production ramps

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Number goes up! Bitcoin mining companies have seen their stock prices increase as much as 120% over the last month amid rebounding crypto asset prices and higher mining profitability.

a staggering 1601% increase in self-mined Bitcoin year-to-date, reaching 6,567 BTC. Q2 revenue rose 118% year-on-year to $164 million, driven by increases in digital mining revenue and hosting revenue.in the quarter, up 71% compared to the prior-year period to a total of 946 mined BTC due to “an increase in hash rate from additional highly efficient miners” and ramping of activities at its Ontario mining site. Its revenue also increased in Q2, rising 30.7% year-on-year to $43.8 million.

All three companies, however, posted widened losses, driven by impairment losses on their crypto holdings. The stock price surge has also coincided with climbing crypto prices since the June and July slump, with key crypto assets including BTC and ETH gaining 18.0% and 67.8%, respectively.

 

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