Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark Are Rallying: What's Going On?

Bitcoin BTC/USD mining stocks Marathon Digital Holdings Inc MARA, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are trading higher Monday alongside a rise in the price of Bitcoin.

What To Know: Bitcoin has climbed more than 4% over the last 24 hours driving strength in the broader crypto space and crypto-related stocks. Bitcoin is up nearly 10% over the past month and is now about 12% from all-time highs.

The strength across crypto markets comes after Bitcoin ETFs saw strong inflows of approximately $419 million last week, while short-Bitcoin offerings saw outflows of $6.3 million.

The ETF inflows may be driven by a changing political landscape. According to CoinShares’ head of research James Butterfill, Republicans gained ground in polling in recent weeks and are viewed as being more crypto-friendly,

From a technical perspective, crypto analyst Michaël van de Poppe noted over the weekend that a break above $64,000 would likely lead to a massive breakout for the world’s largest cryptocurrency.

In a new note released Sunday, analysts at Jefferies said the Bitcoin network hashrate rose about 1.7% in September, while Bitcoin prices remained largely unchanged, resulting in lower mining profitability, per CoinDesk. Daily revenue per exahash reportedly fell by 2.6% compared to August.

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Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 7.03% at $17.22 at publication time. 

Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were up 3.09% at $8.67 Monday morning.

CleanSpark is a Bitcoin mining company that operates multiple data centers that primarily run on low-carbon power. CleanSpark shares were up 7.09% at $10.27 at the time of writing.

$BTC Price Action: At the time of publication, Bitcoin was up 4.22% over a 24-hour period, trading around $65,225, according to Benzinga Pro.

Photo: Shutterstock.