Bitcoin mining stocks post double-digit gains in weekly rally

The mining companies opened sharply higher on Thursday after US nonfarm payrolls surprised to the upside.

Crypto mining stocks logged strong weekly gains, despite a pullback on Thursday, in a rally fueled by signs that a favorable macroeconomic backdrop could support the US Federal Reserve’s soft-landing narrative.

Shares of Riot Platforms (RIOT), Hive Digital (HIVE), Hut 8 (HUT8), MARA Holdings (MARA), and Bitfarms (BITF) surged between 13% and 28% over the past four trading sessions, as US markets closed early on Thursday ahead of the Independence Day holiday weekend.

In Thursday’s session, investors responded to a better-than-expected US nonfarm payrolls report, though several public mining companies retraced gains.

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