Why Crypto Mining Stocks Are Surging Today, Paring This Week's Losses

Today's been another wild one in the world of cryptocurrencies and crypto-related stocks. For companies tied to the crypto mining sector, this has been even more true.

As of 9:45 a.m. ET, shares of Bit Mining (NYSE: BTCM), SOS (NYSE: SOS), Bit Digital (NASDAQ: BTBT), Hut 8 Mining (NASDAQ: HUT), and Canaan (NASDAQ: CAN) have all surged more than 3% in today's session. This sector-specific move is driven, unsurprisingly, by higher Bitcoin (CRYPTO: BTC) prices today. At 9:45 a.m. ET, Bitcoin had surged 8.6% over the past 24 hours.

That said, over the past week, these top Bitcoin-mining-related companies are each down considerably. This week's losses, compared to last Friday's close, come in at -6.8%, -15.6%, -8.9%, -17.3%, -13.6%, and -22.7%, respectively.

Source Fool.com