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Why Are Crypto Mining Stocks RIOT, MARA, HUT Up Today?

  • Crypto mining stocks are rising alongside the price of Bitcoin (BTC-USD).
  • BTC jumped above $20,000 today and that has traders excited.
  • This comes as crypto miners leave Ethereum (ETH-USD) after the Merge.
Bitcoin (BTC-USD) on american dollar banknote close up, Marathon Digital (MARA) is a major bitcoin miner. ABIT Stock

Source: FabrikaSimf / Shutterstock.com

Crypto mining stocks are on the move Tuesday following Bitcoin (BTC-USD) breaking past the $20,000 mark.

When BTC rises, it’s typical to see crypto mining stocks follow its movement. However, if we see Bitcoin unable to maintain this price, then those crypto stocks will likely slip alongside the top cryptocurrency.

Crypto traders will also note that this rise in BTC comes not too long after the Ethereum (ETH-USD) Merge. That’s worth noting, as it saw ETH switch from proof-of-work to proof-of-stake. That means mining is no longer viable on the Ethereum blockchain.

With that change, more miners are focusing their work on Bitcoin and other cryptos. Also, the stock market hasn’t been doing so hot lately, which means some investors might be seeking out BTC as an alternative to stocks.

With all of this happening, it’s not too surprising that crypto mining stocks are getting a boost. Let’s see how some of the top ones are moving today below!

Crypto Mining Stocks on the Move

  • Riot Blockchain (NASDAQ:RIOT) stock starts off the increases today with shares rising 2.5% as of Tuesday morning.
  • Marathon Digital (NASDAQ:MARA) shares are up next with the company’s stock gaining 6.5% as of this writing.
  • Hut 8 Mining (NASDAQ:HUT) stock is the last of our crypto stocks rising today with a 6.2% jump this morning.

Investors looking for more of the latest stock market news are in luck!

InvestorPlace has all of the most recent stock market news for Tuesday! A few examples include what’s happening with shares of SoFi Technologies (NASDAQ:SOFI) and Crispr Therapeutics (NASDAQ:CRSP) stock, as well as stocks to watch after the elections. You can find out more on these matters at the following links!

More Stock Market News for Tuesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/09/why-are-crypto-mining-stocks-riot-mara-hut-up-today/.

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