The increase in Bitcoin’s price since the start of the year has been a boon for the stock of mining companies surviving the winter of 2022.

The stocks of several mining companies, including Canaan, Cipher Mining, Hut 8 Mining, Marathon Digital Holdings, and Riot Platforms, have recorded significant gains as the price of Bitcoin caused mining revenue to surge.

After starting the year at $16,540, Bitcoin has risen 85% to $30,560, with more upside expected if the US Securities and Exchange Commission (SEC) approves several Bitcoin exchange-traded fund (ETF) applications.

Listed on the Nasdaq in 2019, Canaan Creative’s stock is up 34.6% since the start of trading this year, rising from $1.94 on Jan. 3, 2023, to $2.84. Based in China, Canaan specializes in manufacturing mining computer hardware.

Hut 8 Mining, also listed on the Nasdaq, whose mining farms run almost entirely on green energy, saw its share price increase from $0.8176 to $3.78. Earlier this year, the company announced a merger with US Bitcoin.

Meanwhile, investors turned bullish on Marathon Digital Holdings this year, despite its soaring debt levels. The firm’s shares surged from $3.40 at the start of 2023 to $16.86 at press time, a staggering 370% increase.

In Texas, the recently-rebranded Riot Platforms has also experienced a year to remember. Having started the year laden with a crash in market confidence, the Texas mining data center‘s stock rose from $3.88 on Jan. 3 to $17.65 at press time.

Earlier this year, Riot Blockchain changed its name to Riot Platforms after onboarding a business that builds electrical equipment. In April, Texas lawmakers voted against a mutually beneficial agreement between mining firms and the Energy Reliability Council of Texas.

Learn here how to build your own mining setup

The shares of industrial mining company Cipher Mining’s have risen from $0.6397 to $4.24 year-to-date, an increase of over 500%.

During the bear market of 2022 and early 2023, several mining firms, including Sydney-based Iris Energy, Greenidge Generation Holdings, and Stronghold Digital Mining, sought to shore up their balance sheet by returning or selling machines they used as borrowing collateral.

Meanwhile, Standard Chartered Bank predicted that miners would start to hoard Bitcoin if it reached $50,000 by year-end. 

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The post These Bitcoin Mining Stocks Are up Over 280% Year-to-Date appeared first on BeInCrypto.

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