Amid sharp gains in the production of Bitcoin (BTC), crypto mining companies have seen their stock prices rise by as much as 120% over the past month.
According to data from Yahoo Finance, the stock prices of a number of crypto companies have skyrocketed during the last 30 days.
Marathon Digital stated it had boosted its Bitcoin output year over year, creating 707 BTC in the quarter amid a “challenging macro environment,” with an 8% rise in Bitcoin production activities, when it released its Q2 results earlier this week.
Crypto mining stock prices soar despite ‘challenging macro environment’
Hut 8 Mining Corp. saw a 71% increase in mined Bitcoin in the quarter, to a total of 946 mined BTC, thanks to “an increase in hash rate from additional highly efficient miners” and ramping up activities at its Ontario mining location. Its revenue climbed 30.7% year on year to $43.8 million in Q2.
Core Scientific announced a whopping 1601% gain in self-mined Bitcoin year-to-date in a Q2 results filing on Thursday, reaching 6,567 BTC. Revenue increased 118% year on year to $164 million in the second quarter, owing to growth in digital mining revenue and hosting revenue.
However, all three companies reported wider losses owing to impairment damages on their crypto assets.
Since the dip 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.
Successive rebounds
According to Bitinfocharts, Bitcoin mining profits have also increased after reaching a year-low on June 19.
Many variables, including decreased asset prices and greater energy costs, partly ascribed to the heat wave in Texas and the Russia-Ukraine conflict, have affected mining businesses’ BTC production and profitability in recent months.