Trading on February 16 saw US-listed shares of Bitcoin mining equipment manufacturers and mining firms posting double-digit gains. Some hit all-time highs.
Investors pushed up the shares of these companies as the first cryptocurrency approached the psychological level of $50,000. On February 17, the price broke through this resistance, which promises a continuation of the rally in mining-company shares. The pre-market environment signaled an open with a gap up.
On the eve, Marathon Patent Group’s market capitalisation approached $4 billion. The shares rose 13.3% for the day. Since the start of the year they have climbed 317.2%, against a 70% rise in Bitcoin’s price.
Riot Blockchain shares jumped 20.74%, year-to-date up 250.2%. The market values the company at about $2.65 billion.
Leading the group were the shares of one of the oldest ASIC hardware makers, Canaan Creative, which rose by more than 50% (year-to-date +231.2%). The Chinese mining-hardware maker’s market capitalisation surpassed $2.5 billion.
Shares of another Chinese Bitcoin mining equipment maker, Ebang International Holdings, rose 17.8%. Market capitalization rose to $728.2 million.
Shares of 500.com Limited, an online lottery services provider, which yesterday acquired the BTC.com mining pool from one of Bitmain co-founders Jihan Wu, rose 35.1%.
Bitcoin miners’ revenues for the previous week reached $354 million, a record since December 2017. On February 11, the analytics service Glassnode reported a rise of the hourly indicator above $4 million. Experts called this result the highest in the history of the first cryptocurrency.
In January 2021, bitcoin miners’ revenues totaled $1.09 billion and approached the peak last seen in December 2017.
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