Bitcoin Price Boosts Miners, as Hashrate Climbs

Share prices of US-traded crypto mining firms finished the week higher on Friday, bolstered by short-term risk-on trader sentiment for digital assets


Exclusive art by Axel Rangel, modified by Blockworks


The majority of crypto-related equities finished up in positive territory last week, with US-traded mining firms gaining distance from historical lows set at the end of last year.

Bitcoin is also pushing for further gains on the day after closing the session roughly 3.2% higher to $23,800 Sunday, while its market capitalization also leaped 3.3% to $458.6 million.

Ether clocked a higher daily close above $1,645, gaining 4.5% alongside a $10 billion uplift to its market value. Bitcoin and ether are now up 43.9% and 37.6% year-to-date respectively.

Bitcoin miners continue to rise alongside market sentiment, witnessed by the positive jump in spot prices for digital assets as the beleaguered sector takes stock of a shifting risk-on attitude.

Hong Kong-based Bit Mining (BTCM), listed on the New York Stock Exchange, posted a Friday close of 7.6% to $3.55 while Chinese miner SOS ADR, also listed in New York, rose almost 2%.

NASDAQ-listed mining firms Bitfarms, Stronghold Digital, Cipher Mining, Cleanspark and Bit Digital rose between 2.8% and 16.6% on Friday.

Marathon Digital and Iris Energy were the US’s main outliers in the bitcoin mining category, shedding 8.3% to $8 and 4.3% to $2.10 respectively by the end of last week’s closing bell. 

Greenidge Generation Holdings, which also fell 0.8% on Friday, has begun to reverse prior losses, with a 2.6% gain in after-hours trading to $0.90.

Prices for most US-traded miners have more than doubled this year, following daily lows set at the end of 2022. It comes as the average mining difficulty for bitcoin hit a new all-time high beginning Jan. 18 — now 41% greater than a year ago, data from YCharts show.

Global hashrate — a measure of bitcoin network security — hit a fresh all-time high on Friday at 316 exahashes per second (EH/s), while miners have until Feb. 11 before the next difficulty adjustment will make it an estimated 4.3% harder to mine.

Both a rise in the price of bitcoin and anticipation of cheaper power prices this year are beginning to erase previous sector sell-offs that had begun amid last year’s Q2 market rout.

Read more: Going Nuclear: Bitcoin Mining’s Potential Energy Future

Other sectors across the industry also posted positive gains Friday, with exchanges Coinbase (COIN) and Robin Hood (HOOD) up 15.7% and 7.8% respectively. COIN has continued to outperform both the broader tech sector and bitcoin, up an eye-watering 80% since the new year began.

Analyst fears over a global recession remain firmly entrenched, with several leading indicators now pointing to declining economic growth in the second quarter of this year.

The impact for risk-on assets, such as crypto, would likely result in further market sell-offs as traders seek to book profits and allocate capital into cash, large market cap equities and gold.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png


With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.


Trump insiders say he will dismantle the anti-crypto army within an hour of taking office, but the campaign has been quiet about how it plans to do so


Plus, Solana set a record for weekly unique active addresses on the network last week


Launching cryptocurrencies the old fashioned way may soon make a return


Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug


NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.