Bitcoin (BTC) Mining Stocks MARA, RIOT, CLSK Pop Following CPI Data, Here's What's Going On

Bitcoin (BTC) mining stocks MARA Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading higher Wednesday following

Bitcoin (BTC/USD) mining stocks, including MARA Holdings (NYSE:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK), are trading higher Wednesday following softer-than-expected Consumer Price Index (CPI) data.

Bitcoin Surges: Bitcoin is surging following core CPI data that came in below expectations. The Bureau of Labor Statistics reported a 2.9% increase in headline CPI for December on a year-over-year basis, in line with economist estimates. Core CPI increased by 3.2% year-over-year, versus estimates for a 3.3% increase.

Broader markets are rallying on the heels of the inflation data and crypto names are getting an extra lift from a rise in Bitcoin prices. Bitcoin was up about 3.15% over a 24-hour period, trading around $99,350 at last check, per Benzinga Pro.

BlackRock Head On Bitcoin: BlackRock (NYSE:BLK) head of digital assets Robert Mitchnick on Wednesday said Bitcoin adoption is still in the early stages.

Although demand for spot Bitcoin ETF products has been off the charts from retail investors, he suggested that wealth advisory and institutional investors have been slower to adopt Bitcoin strategies.

BlackRock on Wednesday reported a record $641 billion in full-year 2024 net inflows and a 14% increase in full-year revenue.

Bitcoin Mining Metrics: Bitcoin mining stocks are outperforming on Wednesday. MARA Holdings, Riot and CleanSpark all recently reported operating results for December. Here’s a look at how the miners are faring.

MARA Holdings mined 890 Bitcoin in December, down from 907 Bitcoin mined in November. MARA said it held a total of 44,893 Bitcoin as of Dec. 31, with 7,377 of those Bitcoin temporarily loaned to third parties. MARA’s energized hashrate increased 15% in December to 53.2 EH/s.

Riot mined 516 Bitcoin in December, up from 496 in November. Riot noted that it held a total of 17,722 Bitcoin as of Dec. 31. Riot's average deployed hashrate was 31.5 EH/s last month.

CleanSpark mined 668 Bitcoin in December, up from 622 Bitcoin mined in November. CleanSpark said it mined a total of 7,024 Bitcoin in 2024. The company noted that it had 9,952 in total Bitcoin holdings as of Dec. 31. CleanSpark’s average hashrate throughout December was 35.52 EH/s.

MARA, RIOT, CLSK Price Action: At publication time, MARA shares were up 5.53% at $18.32, Riot shares were up 6.94% at $13.08 and CleanSpark shares were up 6.38% at $10.99, according to Benzinga Pro.

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