The performances of miners are strongly correlated with the dynamics of the Nasdaq, which reached its all-time high on Monday June 17.

Bitcoin miners posted fairly strong performances on the stock market on Monday. The company Hive Digital Technologies, which specializes in building and operating data centers, gained 11%. Terawulf, a bitcoin mining company focused on carbon-free infrastructure, gained 12%. And Canaan, a company specializing in bitcoin mining machines, gained 20%.

The largest bitcoin mining companies have also seen their stock prices increase rapidly. This is the case of Marathon Digital which gained 2.8%, the company Hut 8 which gained 8.5% or even Riot Platforms which saw its stock market price increase by 3.6% on Monday.

Nasdaq record helps bitcoin miners

Three things explain the exponential growth of these companies. Investors are positive following the agreement of the miner Core Scientific (which had filed for bankruptcy before being revived thanks to Blackrock) with the artificial intelligence company Coreweave, and the greatest difficulty in mining bitcoins since the halving last April, with the halving of the rewards awarded. These performances are also correlated with the dynamics of the Nasdaq, which reached its all-time high on Monday June 17 at 17,857.02 points.

Bitcoin miners are therefore sucked upwards as well. They are also considered the preferred financiers for the future of artificial intelligence. For its part, artificial intelligence will have an increasing role in bitcoin mining.

In a report, JPMorgan bank revealed that the combined market capitalization of 14 US-listed bitcoin mining companies hit an all-time high of $22.8 billion on June 15. These companies now represent approximately 23.8% of the global hashrate, an increase of almost 1% from the previous month.

Antoine Larigaudrie and S├ębastien Bordry


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