Bitcoin mining stocks jumped as the cryptocurrency rallied above $17,000. Crypto-related stocks and traditional markets were also higher.
Bitfarms rose by 32%, while Marathon gained 24% and Riot jumped 18% as of 12:30 p.m. ET. Meanwhile, bitcoin was trading at around $17,300, up by 1.4%, according to TradingView.
About half a dozen miners were up by over 20% and a few others by more than 10%.
Many of these companies are still trading under $1 after months of continued decline. Companies saw their profits squeezed throughout 2022 thanks to a rise in energy prices and mining difficulty while the price of bitcoin fell.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://www.theblock.co/post/200197/bitcoin-over-17000-pushes-miners-higher?utm_source=rss&utm_medium=rss