Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark Are Rising: What's Going On?

Feb 20, 202414:18 UTC

MARA

CLSK

RIOT

Shares of several Bitcoin mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading higher Tuesday amid strength across the broader cryptocurrency market. Here's what you need to know.

What To Know: Crypto miners and related stocks are getting a lift Tuesday as the crypto market continues to trend higher. Bitcoin hit its highest level since December 2021 last week and Ethereum just crossed the $3,000 level for the first time since 2022.

It’s worth noting that mining stocks have seen increased momentum since CleanSpark reported better-than-expected quarterly results at the beginning of the month.

Riot is expected to report earnings near the end of the month. The company is estimated to report a loss of 28 cents per share and revenue of $85.757 million. Marathon is expected to report earnings in early March. The company is expected to report earnings of 2 cents per share and revenue of $141.408 million, per Benzinga Pro.

Marathon Digital is engaged in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 3.49% at $27.90 at publication time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading Bitcoin-driven infrastructure platform. Shares were up 2.86% at $16.92 Tuesday morning.

CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were up 4.76% at $18.71 at the time of publication.

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$BTC, $ETH Price Action: At publication time, Bitcoin was up 1.27% over a 24-hour period at $52,745 and Ethereum was up 3.47% over a 24-hour period at $2,993, according to Benzinga Pro.

Photo: DUSAN ZIDAR from Shutterstock.