Cryptocurrency mining stocks re-emerged on Friday as bitcoin rose above $50,000 in line with the currency’s point despite continued stress on the cryptocurrency over its environmental impact.
Shares of crypto miners such as Riot Blockchain, Marathon Digital Holdings and Bit Digital rose every Friday before trading.
However, over the next month, Riot Blockchain shares fell by 62%, while the shares of Bit Digital and Marathon Digital Holdings fell by 37% and 61%, respectively.
Musk announced that Tesla would suspend purchases of cars using Bitcoin due to the environmental impact of the virtual currency on Wednesday.
The billionaire CEO’s bitcoin “spin” pushed the value of virtual assets below $48,000 according to the piece before emerging above the $50,000 resistance level.
Bitcoin’s drop came a day after the U. S. Securities and Exchange Commission. U. S. It declared that the virtual currency was a “highly speculative” investment in a warning to investors.
“As such, investors deserve the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and the possibility of fraud or manipulation in the underlying bitcoin market,” the SEC said in a statement.
Marathon Digital Holdings announced Monday in its first quarter earnings report that it had produced 386 newly minted bitcoins in 2021 and increased the number of miners active in its operations to 6,800.
Last week, Bit Digital announced that it had 1013. 40 bitcoin mining operations in the first quarter and now owns more than 40000 miners.
And on Monday, Riot Blockchain announced that it had extracted 206 bitcoins in April, a 90% jump since the 108 bitcoins the company extracted in April last year.
Shares of Riot Blockchain rose 9. 99%, while shares of Bit Digital and Mara Digital Holdings rose 6. 11% and 12. 36% to 0940 ET.