Bitcoin mining stocks make huge gains amid slow markets
The recent rise in the value of crypto assets has seeped into ‘conventional’ finance, notably crypto mining company equities. In addition, the growth in crypto-currency values boosted mining profitability, causing some mining operations to surge by as much as 120%.
It seems that crypto mining stocks were deeply oversold. The recent gain might be attributable to a combination of a rebound from those levels and a rally in cryptocurrencies, driven by Ethereum (ETH) as it nears its transition to a proof-of-stake (PoS) network.
Core announced in its quarterly report that the growth rate of self-mined Bitcoin in the second quarter was 1,601%, reaching 6,567 BTC in their custody. The rise in revenue was 118% year-over-year (YoY).
COR-Z traded between $17.75 to $20.57 last month, with technical analysis suggesting a support line at $18.76 and a resistance line at $20.18.
HUT graph and evaluation
As mentioned in their production update, Hut 8 raised their BTC mining by 71% by using more efficient miners, resulting in a 30.7% YoY gain in income.
With a support line at $2.06 and a resistance line at $4.19, the short-term trend is positive, but the long-term trend is negative.
Marathon highlighted its increasing BTC output, accumulating 707 Bitcoin throughout the quarter, in its results report.
In annual performance, MARA outperformed 75% of all other companies, with prices climbing sharply recently. $19.14 represents the resistance line, while $13.48 represents the support line.