Bitcoin briefly jumped past $28,000 on Sunday, one day after it passed $27,000 for the first time. The cryptocurrency traded at about $27,240 on Monday.
As bitcoin’s price increases, bitcoin-mining devices become more difficult and expensive to procure. In recent days, bitcoin-mining companies have announced major purchases of new equipment.
Riot gained as much as 18% shortly after the opening bell on Monday: Shares jumped to as high as $15.49 after closing at $13.12 on Christmas Eve. Marathon jumped as much as 28%, to $14.
Marathon on Monday announced it would purchase 70,000 mining rigs called Antminers from Bitmain for $170 million. Marathon said that once the transaction is complete, it will have a fleet of over 103,000 miners.
Last week, Riot said it would purchase 15,000 miners, according to The Crypto Report . Riot said the addition would increase the cost efficiency of bitcoin mining and keep it competitive as mining hardware becomes scarcer.
This article is sourced from:https://africa.businessinsider.com