Riot Achieves Record Profits as Mining Companies Leverage Investments in BTC and AI

The rise in market capitalization of the cryptocurrency mining industry this year suggests that these stocks are functioning as leveraged investments in Bitcoin (BTC), as pointed out in a newsletter by The Block. Amid the volatility of cryptocurrency prices, various major mining stocks have shown robust performance. Over the past year, Bitcoin's price has increased by 52%, but these stocks have significantly outperformed this rate. For instance, Riot Platforms has risen by 101% and Hut 8 Mining by 167% over the past year.