Why Crypto Mining Stocks Blasted Higher This Week
Although the prices of crypto mining stocks and cryptocurrencies don't always move in harmony, generally speaking, if cryptos are doing well so are the miners.
That was the dynamic this week, as the Great Crypto Rally of 2024 powered full steam ahead, and miners came along for the ride. According to data from S&P Global Market Intelligence, CleanSpark (NASDAQ: CLSK) rose by nearly 9% over that stretch of time, Cipher Mining (NASDAQ: CIFR) advanced by almost 12%, and Hut 8 (NASDAQ: HUT) had quite the trajectory with a gain of just under 27%.
We're getting very close to the latest halving of Bitcoin (CRYPTO: BTC). For those unfamiliar, a halving is an event in which the rewards for mining a cryptocurrency are, yes, cut in half.
Source Fool.com
