Bitcoin Mining Stocks Soar as BTC Blows Past $20K

Share prices for publicly traded bitcoin mining companies are climbing as the leading cryptocurrency sliced through $20,000 Wednesday.

AccessTimeIconDec 16, 2020 at 5:03 p.m. UTC
Updated Sep 14, 2021 at 10:44 a.m. UTC

Share prices for publicly traded bitcoin mining companies are soaring as the leading cryptocurrency sliced through the highly anticipated $20,000 mark Wednesday morning.

  • Riot Blockchain (RIOT), Marathon Patent Group (MARA) and Hive Blockchain (HIVE) all show double-digit percentage gains since the daily open at last check. Hive is up 25% on the day.
  • All three companies are now individually worth over $450 million.
  • Toronto-based Hut 8 (HUT) mining gained nearly 9% since the trading started Wednesday. The company currently is worth $168 million.
  • Over the same period, bitcoin gained 7%.
  • “Mining stocks are a very attractive way for investors to get upside exposure to [the] bitcoin price while being limited on the downside due to the infrastructure nature of the business,” Ethan Vera, co-founder of mining company Luxor Technologies, told CoinDesk earlier this month.
  • “The best mining companies can deliver profits in bear markets and have outsized returns in bull runs,” Vera said.
  • Year to date, bitcoin has gained over 185%.
CoinDesk - Unknown

Bitcoin mining stock performance in 2020

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.