Bitcoin Miners Jump This Week After the Halving
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.
Source Fool.com
