BTC - Bitcoin Miners Jump This Week After the Halving
2024-04-26 16:15:13 ET
Bitcoin 's (CRYPTO: BTC) halving has concluded, and in a surprising move, miners were some of the beneficiaries, despite the impact the change may have on their income statements.
Riot Platforms (NASDAQ: RIOT) was the biggest beneficiary, according to data provided by S&P Global Market Intelligence , jumping as much as 36.3% this week, while Marathon Digital (NASDAQ: MARA) was up as much as 20.1% and Cipher Mining (NASDAQ: CIFR) rose 20.3%. The stocks were up 33.1%, 17.8%, and 19% respectively, as of 2 p.m. ET Friday.
Earlier this week, Bitcoin's halving took place, and as a result, each block reward was cut nearly in half. In theory, this means revenue in terms of Bitcoin per block drops, but the reality is likely fewer competitors in the market.
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Bitcoin Miners Jump This Week After the Halving