Against the background of the resumption of capital inflows into the cryptosphere, mining companies were able to win back the losses incurred in May and June.
Shares of the largest miners have, on average, rebounded 120% since the beginning of July, according to Yahoo Finance.
In particular, shares of Marathon Digital Holdings and Core Scientific rose 124% and 110%, respectively.
Hut 8 and Riot capitalization has increased by more than 95% in the last 30 days. At the same time, the cost of bitcoin (BTC) and ether (ETH) during the same time added 18% and 67%.
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Mining companies reported that in the second quarter, despite the dominance of bearish sentiment in the market, they were able to increase cryptocurrency mining. For example, Core Scientific revenue in April-June increased by 118% to $164 million.
Hut 8 revenue increased last quarter by 30.7% to $43.8 million. Other miners also performed well.
According to BitinfoCharts, bitcoin mining profitability began to rise after the collapse to an annual low on June 19.
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Over the past few months, miners have been selling their accumulated bitcoins to keep working amid the fall in the value of digital currencies.
Sales dropped last month. According to the Hash Rate Index, companies sold 3,767 coins in July.