{"id":8268,"date":"2021-05-14T16:24:24","date_gmt":"2021-05-14T14:24:24","guid":{"rendered":"https:\/\/thecryptowolf.net\/2021\/05\/14\/cryptocurrency-mining-stocks-recover-as-bitcoin-climbs-back-above-50000\/"},"modified":"2021-05-14T16:24:24","modified_gmt":"2021-05-14T14:24:24","slug":"cryptocurrency-mining-stocks-recover-as-bitcoin-climbs-back-above-50000","status":"publish","type":"post","link":"https:\/\/thecryptowolf.net\/2021\/05\/14\/cryptocurrency-mining-stocks-recover-as-bitcoin-climbs-back-above-50000\/","title":{"rendered":"Cryptocurrency mining stocks recover as bitcoin climbs back above $50,000"},"content":{"rendered":"<div style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Cryptocurrency mining stocks recover as bitcoin climbs back above ,000\" title=\"Cryptocurrency mining stocks recover as bitcoin climbs back above ,000\" \/><\/div><p> [ad_1]<br \/>\n<\/p>\n<div>\n<figure><figcaption>Bitcoin mining.<\/p>\n<p class=\"copyright\">Olga Maltseva\/Getty Images<!-- sh_cad_1 --><\/p>\n<\/figcaption><\/figure>\n<ul class=\"summary-list\">\n<li>Bitcoin mining stocks mounted a recovery on Friday after bitcoin found support at the $50,000 per-coin level.<\/li>\n<li>Shares of Riot Blockchain, Marathon Digital Holdings, BitDigital, and other crypto-associated stocks all rose early Friday.<\/li>\n<li>Bitcoin has been under pressure after Elon Musk reversed a decision to accept bitcoin as payment for Tesla vehicles.<\/li>\n<li id=\"recirc\"><a href=\"https:\/\/newsletter.businessinsider.com\/join\/4np\/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">Sign up here for our daily newsletter, 10 Things Before the Opening Bell<\/a>.<\/li>\n<\/ul>\n<p><!-- sh_cad_2 --><\/p>\n<p>Cryptocurrency mining stocks recovered on Friday as <a href=\"https:\/\/markets.businessinsider.com\/currencies\/btc-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">bitcoin<\/a> climbed back above the $50,000 per-coin level despite continued pressure on the cryptocurrency for its environmental impact.<!-- sh_cad_3 --><\/p>\n<p>Shares of crypto miners like <a href=\"https:\/\/markets.businessinsider.com\/stocks\/riot-stock?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">Riot Blockchain<\/a>, <a href=\"https:\/\/markets.businessinsider.com\/stocks\/mara-stock?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">Marathon Digital Holdings<\/a>, and <a href=\"https:\/\/markets.businessinsider.com\/stocks\/btbt-stock?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">Bit Digital<\/a> all rose during premarket hours on Friday.<!-- sh_cad_4 --><\/p>\n<p>However, over the past month, shares of Riot Blockchain are down 62%, while shares of Bit Digital and Marathon Digital Holdings are down 37% and 61%, respectively.<!-- sh_cad_5 --><\/p>\n<p>The fall comes amid a breakdown in bitcoin&#8217;s price due to repeated questions about the cryptocurrency&#8217;s <a href=\"https:\/\/markets.businessinsider.com\/currencies\/news\/bitcoin-price-tesla-payment-stops-elon-musk-climate-change-environment-2021-5-1030424949?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">environmental drawbacks<\/a>, <a href=\"https:\/\/markets.businessinsider.com\/currencies\/news\/bitcoin-vs-ethereum-experts-which-asset-rather-hold-btc-eth-2021-5-1030405530?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">competition from Ethereum<\/a> and <a href=\"https:\/\/markets.businessinsider.com\/currencies\/news\/dogecoin-tesla-payment-elon-musk-crypto-bitcoin-environment-stocks-2021-5-1030429931?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">Dogecoin<\/a>, and more recently, comments from <a href=\"https:\/\/markets.businessinsider.com\/stocks\/tsla-stock?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">Tesla<\/a> CEO Elon Musk.<!-- sh_cad_6 -->&#13;\n\t\t<\/p>\n<p>Musk announced Tesla would <a href=\"https:\/\/www.businessinsider.com\/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">suspend vehicle purchases<\/a> using bitcoin due to the environmental impact of the digital currency on Wednesday.<!-- sh_cad_7 --><\/p>\n<p>The billionaire CEO&#8217;s bitcoin &#8220;U-turn&#8221; caused the digital asset&#8217;s price to plummet below $48,000 per coin before mounting a mild recovery back above the $50,000 resistance level.<!-- sh_cad_8 --><\/p>\n<p>Bitcoin&#8217;s fall from grace came just a day after the US Securities and Exchange Commission said the digital currency is a <a href=\"https:\/\/markets.businessinsider.com\/currencies\/news\/bitcoin-regulation-sec-volatility-highly-speculative-asset-suitable-etf-2021-5-1030421711?utm_source=markets&amp;utm_medium=ingest\" target=\"_blank\" rel=\"noopener\">&#8220;highly speculative&#8221;<\/a> investment in a warning to investors.<!-- sh_cad_9 --><\/p>\n<p>&#8220;As such, investors should consider the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying bitcoin market,&#8221; the SEC said in a statement.<!-- sh_cad_10 --><\/p>\n<p>Despite warnings from the SEC and an Elon Musk &#8220;U-turn,&#8221; bitcoin miners have continued to invest in their businesses.<!-- sh_cad_11 -->&#13;\n\t\t<\/p>\n<p>Marathon Digital Holdings announced on Monday in its first-quarter earnings report that it produced 386 newly minted bitcoins in 2021 and increased the number of active miners in its operations to 6,800.<!-- sh_cad_12 --><\/p>\n<p>Last week, Bit Digital announced that it earned 1,013.40 bitcoin from mining operations in the first quarter and now owns more than 40,000 miners.<!-- sh_cad_13 --><\/p>\n<p>And on Monday, Riot Blockchain announced that it mined 206 bitcoin in April, a 90% jump from the 108 bitcoin the company mined in April of last year.<!-- sh_cad_14 --><\/p>\n<p>Shares of Riot Blockchain traded up 9.99%, while shares of Bit Digital and Mara Digital Holdings traded up 6.11% and 12.36% as of 9:40 a.m. ET.<!-- sh_cad_15 --><\/p>\n<\/p><\/div>\n<p>[ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin mining. Olga Maltseva\/Getty Images Bitcoin mining stocks mounted a recovery on Friday after bitcoin found support<\/p>\n","protected":false},"author":1,"featured_media":8269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37],"tags":[61,594,111,41,1908,268],"class_list":["post-8268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-bitcoin","tag-climbs","tag-cryptocurrency","tag-mining","tag-recover","tag-stocks"],"featured_image_urls":{"full":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",0,0,false],"thumbnail":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"medium":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"medium_large":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"large":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"1536x1536":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"2048x2048":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"morenews-featured":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"morenews-large":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false],"morenews-medium":["https:\/\/images2.markets.businessinsider.com\/609e7009a9b6a40018f1c123?format=jpeg",null,null,false]},"author_info":{"info":["wolf2021"]},"category_info":"<a href=\"https:\/\/thecryptowolf.net\/category\/mining\/\" rel=\"category tag\">Mining<\/a>","tag_info":"Mining","comment_count":"0","_links":{"self":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts\/8268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/comments?post=8268"}],"version-history":[{"count":0,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts\/8268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/media\/8269"}],"wp:attachment":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/media?parent=8268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/categories?post=8268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/tags?post=8268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}