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Bitcoin over $17,000 pushes miners higher
<span class="acf-media-credit"><span class="acf-credit"><span class="acf-credit"><a href="https://www.theblock.co/" target="_blank">The Block</a></span></span></span>
Quick Take
- Bitcoin mining company shares soared amid a wider market rally and as bitcoin traded above $17,000.
- Many of the miners are still trading under $1.
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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.
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