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Crypto Mining Companies Gain as Bitcoin Stays Above $30K
The cryptocurrency market is on the rise again, with Bitcoin’s price surging past $30,000 for the first time since June 2022. The current price of Bitcoin stands at $30,100, marking an 80% increase so far in 2023. This bullish sentiment is leading to significant gains in the prices of crypto-related stocks, with Riot Platforms (RIOT) and Marathon Digital (MARA) leading the charge.
Riot Platforms and Marathon Digital See 15% and 11% Gains, Respectively
Bitcoin mining companies, Riot Platforms and Marathon Digital, are among the biggest gainers in the crypto-related stock market, with their shares rising by 15% and 11%, respectively. This surge in their stock prices is largely due to the uptick in Bitcoin’s price, which has a direct impact on the profitability of Bitcoin mining operations.
Riot Platforms is one of the largest Bitcoin mining companies in the world, with a focus on sustainable energy usage in mining operations. However, the recent surge in Bitcoin’s price has brought new life to Riot Platforms, and its stock is now trading at $35.
Marathon Digital is another major player in the Bitcoin mining industry. However, with the recent surge in Bitcoin’s price, Marathon Digital’s stock is now trading at $32.
