Riot Platforms Spearheads Rise in Bitcoin Mining Stocks Amid Bitcoin Surge

On Monday, stocks of Bitcoin mining companies saw substantial growth, triggered by a surge in Bitcoin's price surpassing the $42,000 mark briefly, marking its highest point in over a year. The uplift in the cryptocurrency's value was followed by an uptick in the shares of several mining companies, with Riot Platforms taking the lead.

Bitcoin's Price Spike

The digital currency, Bitcoin, was valued at $41,579 at 10:15 a.m. ET, experiencing a 5% increase within the last 24 hours and an impressive 142% rise over the past year. This rally boosted investor confidence, contributing to the upward movement of Bitcoin mining stocks.

Riot Platforms' Mining Expansion

Riot Platforms stood out among its peers, buoyed by its announcement of acquiring additional Bitcoin mining equipment from MicroBT Electronics Technology. Riot's stock jumped 13% reaching $15.50 and showcased an impressive 213% gain from the previous year. The company's new acquisition entails 66,560 of the latest-generation mining machines from MicroBT, adding a substantial 18 EH/s of hashing power. This is in addition to Riot's prior order of 33,280 miners.

Delivery of the initial order of 33,280 MicroBT miners is set for the first quarter of 2024, while the newly ordered 66,560 miners are expected to be received and deployed starting the latter half of 2024.

Impact on Other Mining Stocks

Other Bitcoin mining and cryptocurrency-related companies also benefited from the crypto market's uptrend. Marathon Digital's shares increased by 11% standing at $15.23, while MicroStrategy's stocks rose 8% to $568.51 per share. Coinbase Global's shares reached a 52-week peak with a 9% rise to $146.30, and HIVE Digital's stock escalated by 7% to $3.73 per share.

Bitcoin, Mining, Rally