Amidst rebounding prices, the mining profitability and BTC production is gathering pace, too.
The stocks of crypto mining companies have seen a 120% spike during the last month, accompanied by rising crypto prices, Bitcoin production, and mining profitability.
Against Bitcoin’s 18% and Ether’s 67.8% increase in the last 30 days, mining companies like Marathon Digital Holdings, Hut 8, and Riot Blockchain stocks registered gains amounting to 124%, 98.9%, and 96.7%, respectively.
The Q2 filings of Core Scientific, a mining company, revealed that crypto mining revenue rose by 118% YoY to $164 million. It also reported a 1601% increase in the number of self-mined bitcoins year-to-date, amounting to 6,567 BTC. Hut 8’s mining revenues increased by 30.7% YoY to $43.8 million. It mined 946 bitcoins, 71% more than the previous year.