Bitcoin Mining Stocks Skyrocket After Rallying to $28,000

Bitcoin mining stocks of Riot Blockchain and Marathon Patent Group skyrocketed after the price of BTC surged to $28,000.

December 29, 2020 | AtoZ Markets – Immediately after the price of Bitcoin hit record highs above $28,000, the shares of two large mining companies began to rise sharply in price. Thus, Riot Blockchain shares climbed 18% and traded at $15.49, while Marathon shares soared 28% to $14.

Both companies have previously stated that they are preparing to buy several thousand more miners in order to increase their computing power. In the near future, Riot Blockchain will acquire an additional 15,000 miners.

And Marathon is ready to buy 70,000 miners worth over $170 million from Bitmain. The company said it will have more than 103,000 miners upon completion of the deal.

Read also: What Is Bitcoin Mining & How It Works

Russia has become more active in the crypto mining market

Despite the fact that after the third halving, the complexity of the calculations increased, and the rewards for the mined block were halved, the mining market continues to develop. Today, China, Mongolia, and Kazakhstan remain the centers of cryptocurrency mining. However, Russia has seriously intensified this year.

Nangeng Zhang, founder and CEO of the Chinese mining device manufacturer Canaan Creative, believes that Russia is actively developing in the cryptocurrency mining market. In the long term, the country is able to squeeze China. The Canaan chapter wrote about this in the author’s column on Nasdaq.

Russia really has every chance of becoming a leader in the extraction of cryptocurrency. Cheap electricity and a cool climate create ideal conditions for mining. However, while the country’s leadership is in no hurry to develop this direction on an industrial scale, and home mining is considered ineffective.

Obviously, miners prefer countries not only with cheap electricity but also with suitable climatic conditions. It is worthy of note that mining companies are eyeing the Scandinavian countries because of cheap electricity and the opportunity to save on cooling systems.

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