Bitcoin-mining stocks surge after the cryptocurrency passes $28,000 for the first time

• The bitcoin-mining companies $4 and $4 soared on Monday morning as investors anticipate bitcoin's rally will continue into 2021.
• Both mining companies recently announced purchases of more bitcoin-mining equipment. On Monday, Marathon said it would purchase 70,000 miners for $170 million from Bitmain.
• $4 hit a record high on Sunday, jumping past $28,000 for the first time.
• $4.

Shares of the $4-mining companies $4 and $4 soared on Monday morning following bitcoin's rally over the holiday weekend.

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 $4 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.

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Last week, Riot said it would purchase 15,000 miners, $4. Riot said the addition would increase the cost efficiency of bitcoin mining and keep it competitive as mining hardware becomes scarcer.

Shares of the microgrid software company $4 gained as much as 16% on Monday as well. Last week, CleanSpark $4 that it would add 1,000 bitcoin miners to its fleet.