Bitcoin Mining Companies Surge

Bitcoin mining companies experienced a surge in their stocks on Monday as the price of Bitcoin soared above $42,000, reaching a level not seen in over a year.

As of 10:15 a.m. ET, the price of Bitcoin stood at $41,579, marking a 5% increase in the last 24 hours and an impressive 142% surge in the past 12 months.

Riot Platforms emerged as the leader among these companies, bolstered by the announcement that it is expanding its collection of Bitcoin miners through the acquisition of more units from MicroBT Electronics Technology, facilitated by its manufacturing subsidiaries.

Shares of Riot skyrocketed by 13% to $15.50, reflecting a remarkable 213% rise over the last year.

According to the new purchase order, Riot will soon receive 66,560 state-of-the-art miners from MicroBT, equating to a total of 18 EH/s. This addition comes in addition to Riot’s previously announced purchase of 33,280 miners.

The delivery and deployment for the newly acquired batch of 66,560 miners will commence during the second half of 2024. Meanwhile, the order for the initial batch of 33,280 miners from MicroBT is set to be fulfilled in the first quarter of the same year.

Marathon Digital also experienced significant gains, with their shares climbing by 11% to $15.23. MicroStrategy saw an 8% increase, reaching $568.51 per share. Coinbase Global hit a 52-week high with a 9% surge to $146.30 per share, while HIVE Digital achieved a 7% surge to $3.73 per share.

In summary, Bitcoin mining companies are capitalizing on the soaring Bitcoin price, with Riot Platforms leading the charge through its acquisition of additional miners from MicroBT Electronics Technology. The future looks promising for these companies as the demand for Bitcoin continues to rise.