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Bitcoin Mining Stocks Skyrocket Higher Today

TheMotleyFool

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Bitcoin Mining Stocks Skyrocket Higher Today: https://g.foolcdn.com/editorial/images/724623/chips-with-oil-rig-digital-image-on-top.jpg

Bitcoin (CRYPTO: BTC) mining stocks have been under fire for most of the past year, but they're exploding higher on Tuesday. Bitcoin itself is up 7.7% in the last 24 hours as investors flee to alternative assets after the collapse of two U.S. banks important to the tech and cryptocurrency sectors.

Cipher Mining (NASDAQ: CIFR) jumped as much as 42.9% in early trading, Bitfarms (NASDAQ: BITF) popped 15.9%, Hut 8 Mining (NASDAQ: HUT) rose 23.3% at its peak, and Canaan (NASDAQ: CAN) was up 13.2%. The stocks were up 8.8%, 12.2%, 17.3%, and 12.8% at noon ET.

Mining companies and their suppliers have become very leveraged to the price of Bitcoin.

Source Fool.com

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