Bitcoin Mining Stocks Exceeds $3.5B in Trading Volume

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In a remarkable turn of events, Bitcoin mining stocks have surged in popularity, boasting a trading volume that exceeds $3.5 billion. According to data from Yahoo Finance, the two largest Bitcoin mining firms, Marathon Digital (MARA) and Riot Platforms had a total trading volume of about $3.55 billion.

BTC Mining Stocks Increase Indicates Acceptance of BTC-related Investment

The reports also revealed that Marathon Digital secured the position of the top-traded stock in the United States with a total of 112 million volume of shares traded. Notably, this put the Bitcoin miner far ahead of Tesla, Advanced Micro Devices (AMD), and many others. Interestingly, the $3.5 billion trading volume not only reflects the currency momentum but also indicates a broader acceptance of Bitcoin-related investments in traditional financial markets.

Investors are increasingly recognizing the potential for lucrative returns in the cryptocurrency space, with mining stocks emerging as a viable avenue for exposure to the digital asset ecosystem. 

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Bitcoin mining stocks play a pivotal role in the decentralized nature of cryptocurrencies. These stocks represent companies that engage in the complex process of validating transactions and securing the network by solving cryptographic puzzles. However, as the demand for BTC and other cryptocurrencies rises, so does the value and importance of these mining stocks.

GBTC Traded Over 99% of the 3,000 Current ETFs

Meanwhile, the surge in interest has positioned them ahead of 99% of exchange-traded funds (ETFs), with the Grayscale Bitcoin Trust (GBTC) leading the pack, as it traded close to half a billion. The GBTC has become a preferred choice for institutional and retail investors looking to gain exposure to Bitcoin without directly holding the cryptocurrency.

The surge in the trading volume can be attributed to increased institutional adoption, growing awareness of Bitcoin’s potential as a store of value, and the broader acceptance of cryptocurrencies in mainstream finance.

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Tether Releases Software to Improve Bitcoin Mining

Recall that last year, Paolo Ardoino, the Chief Technology Officer (CTO) of Bitfinex and Tether announced that Tether’s developers are working on finalizing the new JavaScript libraries intended to facilitate the transmission of commands and signals to BTC mining hardware. 

Undoubtedly, the company has been doing so much on Bitcoin and mining lately. In May 2023, tether made a BTC acquisition move that suggested to netizens that the firm planned to outpace business intelligence company MicroStrategy which has the largest BTC holding.

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