Bitcoin Mining Stocks Rally Ahead of Halving: Double-Digit Gains Mark Midweek Surge

Publicly traded bitcoin mining companies experienced a revival this week, as numerous stocks saw double-digit increases on Wednesday. Shares of Cleanspark soared by 22.8%, Marathon‘s shares climbed by 16.1%, and Riot’s shares increased by 11.81% throughout the trading day.

Bitcoin Mining Equities See Recovery With Stellar Wednesday Gains

With less than a month remaining until the next halving event, which is anticipated to halve block rewards around Apr. 20, 2024, bitcoin miners, including those listed on Wall Street, have seen their shares falter recently. For instance, shares of Marathon Digital Holdings (Nasdaq: MARA) declined by just over 20%, and Riot Platforms (Nasdaq: RIOT) experienced a 25.5% decrease against the U.S. dollar.

On Wednesday, both companies enjoyed substantial gains, with RIOT‘s shares up by 11.81% and MARA’s by 16.1%. Additionally, Hut8 (Nasdaq: HUT) saw a 12.8% increase, Argo Blockchain (Nasdaq: ARBK) advanced by 17.33%, and Bitdeer Technologies Group (Nasdaq: BTDR) enjoyed a 12.25% uplift. Terawulf (Nasdaq: WULF), Bit Digital (Nasdaq: BTBT), Iris Energy (Nasdaq: IREN), Hive (Nasdaq: HIVE), and Bitfarms Limited (Nasdaq: BITF) all reported gains.

Cleanspark (Nasdaq: CLSK) managed to climb 22.8% on Wednesday. Besides mining companies, other publicly traded entities within the crypto sector also posted gains. Coinbase Global (Nasdaq: COIN) saw an 11.63% increase, while Microstrategy (Nasdaq: MSTR) witnessed a 9.10% rise. This uptick in mining and crypto-related stocks coincided with bitcoins recovery, bouncing back to the $66,500 to $67,500 range after dipping below the $61,000 threshold on Wednesday.