The shares of Bit Digital , TeraWulf , Hut 8 and CleanSpark rose more than 10%, outpacing their peers such as Marathon Digital , Riot Platforms and Hive Digital that rose between 5% and 9%. The only mining stock that fell, though, was Bitdeer , which was down about 10% at press time.
The moves in mining shares generally outpace other crypto-related stocks as mining digital assets is their primary source of revenue. On Monday, other crypto-related stocks, such as Coinbase and MicroStrategy , were up less than 6%. The mining stocks have outpaced bitcoin's run this year, rebounding from their 2022 slump. The Valkyrie Bitcoin Miners ETF , which tracks the performance of mining stocks, has doubled in price this year, while bitcoin has risen 87%.– also known as the halvening – is slated to take place next year. The event will cut in half the reward for successfully mining a bitcoin block.
Miners are gearing up by either buying more-efficient mining machines or diversifying into alternative sources of income that could help keep them afloat post-halving. In fact, Bit Digital earlier announced that, like many of its peers, it isbusiness, which will earn them enough cash flow to sustain their mining business, regardless of where the market is headed.
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