Rypto miners have seen their stock prices soar by as much as 120% over the past month, amid a recovery in crypto-asset prices, increased mining profitability and sharp increases in Bitcoin (BTC) production.
Crypto miners Marathon Digital Holdings at 124.12%, Core Scientific at 110.39%, Hut 8 at 98.95% and Riot Blockchain at 96.69% have all seen their stock prices soar over the past 30 days, according to data from Yahoo Finance – significantly outperforming BTC by 18.0. % and Ether (ETH) at 67.8% of the asset price.
Writing its second-quarter results on Thursday, Core Scientific reported a staggering 1601% increase in self-mining Bitcoin so far, reaching 6,567 BTC. Second-quarter revenue increased 118% year-over-year to $164 million, driven by increased digital mining and hosting revenue.
Hut 8 Mining Corp also saw an increase in bitcoin mined in the quarter, up 71% year-over-year to a total of 946 BTC mined due to an “increased hash rate from additional highly qualified miners” and an intensification of activities at the Ontario mining site. Its revenue also increased in the second quarter, up 30.7% year-over-year to $43.8 million.
Marathon Digital, which shared its second-quarter results earlier this week, said it increased its bitcoin production year-over-year, producing 707 bitcoins in the quarter despite a “challenging macro environment,” with an 8% increase in bitcoin production activity.
However, the three companies recorded extended losses, driven by losses in the value of their crypto holdings.
The stock price rally has also coincided with the cryptocurrency price rally since the June and July plunge, with major crypto assets including BTC and ETH up 18.0% and 67.8% respectively.
Bitcoin mining profitability has also rebounded from its lowest level of the year on June 19, according to Bitinfocharts.
Bitcoin mining profitability over the past 3 months. Source: Bitinfocharts.com
Bitcoin miners have had to contend with a number of factors in recent months that have affected Bitcoin production and profitability, including falling asset prices and rising energy costs, which are partly attributed to the heat wave in Texas and the conflict between Russia and Ukraine.