- Publicly traded Bitcoin miners recorded an uptick in their stock prices on Monday as positive market sentiment spread to the crypto market, with Bitdeer leading the pack.
- Cipher Mining, Riot Blockchain and Marathon Digital Holdings were among the others that recorded a rise, but Core Scientific and GRIID Infrastructure lost over 9%.
Publicly listed Bitcoin mining companies opened the week on a high, with the most prominent players closing Monday’s trading session on the green as the market continues on its recovery. Bitdeer Technologies led the gainers amid a big dip by Core Scientific and GRIID Infrastructure.
According to Companies Market Cap, there are 19 Bitcoin miners listed globally, the most being in the US, with a total market cap of $12.7 billion. While the US may have the numbers, it was Singaporean company Bitdeer that recorded the highest gains at 6.25% at press time.
Listed on Nasdaq, Bitdeer is majority-controlled by Jihan Wu, the crypto mogul who founded Bitmain, the world’s largest producer of crypto mining chips. It operates five mining facilities in the US and Norway and is constructing a new one in the South Asian nation of Bhutan. Additionally, it is building a 175MW data centre in Norway and a 221MW facility in Ohio, US. Last month, the company mined 434 BTC, 250% higher than its output a year prior, the company told CNF earlier this month.
Cipher Mining gained 5.22%, while CleanSpark and Riot Blockchain gained just over 3% on Monday. All three companies are based in the US and have most of their operations there.
Marathon Digital, the largest public miner in the world with a market cap of $3.7 billion, recorded just under 3% in gains. The company, led by industry titan Fred Thiel, has shot up from $7.3 a year ago to set a new 52-week high at $30 in December. While it has shed some of these gains as the excitement around a Bitcoin spot ETF waned, the stock is still over 100% higher than a year ago.
GRIID, Core Scientific Dip as Bitcoin Drops Below $39,000
While most miners surged, GRIID Infrastructure and Core Scientific dipped by over 9%. The former markets itself as a low-carbon Bitcoin mining firm and only started trading publicly this month. The latter was once one of the world’s largest before the collapse of its partners led it to file for bankruptcy in December 2022. Core received the approval of a Texas bankruptcy court to relist its shares this month.
The surge in Bitcoin mining stocks came despite a dip in the price of the top crypto. BTC has shed 5.4% in the past day to dip below $39,000 for the first time since early December last year.
Some believe the dump from exits in Grayscale’s Bitcoin Trust has had a significant role. GBTC continues to bleed as investors flee to other ETFs with better fees as Grayscale’s stranglehold on the sector loosens.
