Mining giants’ shares rise as Bitcoin climbs toward $20,000

As Bitcoin price climbs toward $20,000, shares of mining companies Riot Blockchain, Marathon Patent Group and Canaan surged.

Riot Blockchain, the Nasdaq-listed mining company, saw its shares rise 160% in November, reaching an all-time high of $8.45.

Riot Blockchain stock-price trajectory. Data: Yahoo Finance.

Shares of Las Vegas-based Marathon Patent Group rose 190% over the same period. Since the start of the year, the MARA stock has surged more than 600%.

Data: Yahoo Finance

Canaan also closed November strongly, with ADRs up a record 140%.

Data: Yahoo Finance

HashR8 developer Thomas Heller noted that Riot Blockchain’s growth comes as the company accumulates thousands of high-performance mining devices.

“Riot expects to acquire a total of 22,640 miners, with deployment scheduled for June 2021. The majority of devices are the S19 Pro. Along with the M30S++, the S19 Pro miners are the most powerful and efficient on the market,” the specialist stressed.

ForkLog previously reported a sharp drop in Canaan’s shares. In September, the Chinese company directed $10 million toward a share buyback.

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