Bitcoin Mining Stocks Surge 13-28% as Bitcoin Hits $110,000

Bitcoin mining stocks experienced a significant rally this week, with several companies posting double-digit gains. The surge was driven by a favorable macroeconomic environment and the rising price of Bitcoin, which retested the $110,000 level. Bitdeer Technologies led the pack, with its stock soaring by 15.75% on Wednesday to close at $13.08 per share. This increase was closely followed by TeraWulf Inc., which saw its stock rise by 13.51% to end the day at $5.04. Cipher Mining Inc. also performed strongly, with its stock surging by 15.9% to close at $5.68. The rally in Bitcoin mining stocks was not limited to these companies, as other firms in the sector also reported substantial gains. The overall performance of these stocks indicates a growing optimism in the cryptocurrency mining industry, fueled by the increasing value of Bitcoin and a supportive economic backdrop.

Shares of Riot Platforms, Hive Digital, Hut 8, MARA Holdings, and Bitfarms surged between 13% and 28% over the past four trading sessions, as US markets closed early on Thursday ahead of the Independence Day holiday weekend. The rally in Bitcoin mining stocks mirrored a broader market upswing that pushed the S&P 500 Index and the Nasdaq Composite Index to new all-time highs in a holiday-shortened session on Thursday. Gains were sparked after the Bureau of Labor Statistics reported that the US economy added 147,000 jobs in June, while the unemployment rate fell to 4.1% from 4.3% — figures that exceeded expectations. Although workforce participation dropped to its lowest level since 2022, economists attributed the decline to an immigration crackdown that may be tightening labor supply.

While the stronger-than-expected jobs report likely rules out immediate rate cuts this summer, the “broader macro picture remains supportive of rate cuts,” wrote Matt Mena, a crypto research strategist at 21Shares. Mena noted that the current macro backdrop is the kind in which “digital assets tend to thrive,” pointing to the potential for lower interest rates, improving risk sentiment and the prospect of regulatory clarity through the market structure bill and the GENIUS Act. The rally in Bitcoin mining stocks was not limited to these companies, as other firms in the sector also reported substantial gains. The overall performance of these stocks indicates a growing optimism in the cryptocurrency mining industry, fueled by the increasing value of Bitcoin and a supportive economic backdrop.