Bitcoin over $17,000 pushes miners higher

Crypto Infrastructure • January 9, 2023, 12:45PM EST
The Block

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.

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%.

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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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About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).

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