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A recent surge in cryptocurrency mining has positioned eight of the top 30 publicly traded Bitcoin miners beyond the billion-dollar market cap threshold, according to Farside data. Marathon Digital Holdings leads with a robust $5.5 billion, trailed by Cleanspark and Riot at $3.6 billion and $2.9 billion, respectively. This elite group also includes IREN, Core Scientific, Northern Data, Cipher Mining, and Terawulf.
The collective market capitalization for these 30 companies has now reached an impressive $23 billion. With entities like Bitfarms, Hut 8, and Bitdeer Technologies on the brink of the billion-dollar mark, the industry’s growth trajectory remains strong.
Amidst this uptick, the Bitcoin Miners ETF, WGMI, has seen a 9% increase this year, rebounding from a previous 26% decline. This performance contrasts sharply with MicroStrategy’s 134% YTD rise and Bitcoin’s 53% gain, underscoring a divergent yet bullish trend in crypto-related investments.
