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Why Bitcoin Mining Stocks Popped Today

TheMotleyFool

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Cryptocurrency prices headed sharply higher on Thursday, led by the market cap leader, Bitcoin (CRYPTO: BTC). Not surprisingly, that helped push Bitcoin mining stocks upward too.

Shares of Hut 8 Mining (NASDAQ: HUT) jumped by as much as 18.1% in trading Thursday, Riot Blockchain (NASDAQ: RIOT) gained as much as 16.8%, and Bitfarms (NASDAQ: BITF) climbed as much as 13.7%. Those stocks closed the day up by 15.9%, 16.6%, and 13.7%, respectively.

Bitcoin was trading 6.8% higher over the prior 24 hours at the close of stock trading on Thursday. As miners generate their revenue in the form of Bitcoin, a rise in its price should help both their revenues and margins.

Source Fool.com

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