Shares of cryptocurrency miner Marathon Patent Group Inc. shot up around 20% on Wednesday, helping to make the company the most recent member of the $1 billion digital-mining group, as bitcoin hit a fresh record near $36,000.
According to FactSet data, the market value of Marathon Patent
was at $1.030 billion, after its shares gained a fifth in value contributing to a $165 million gain in market capitalization from yesterday’s rise.
Marathon has gained more than 55% so far in January and Wednesday’s rally puts it in league with rival mining company Riot Blockchain
which boasts a market value of $1.3 billion, having entered the billion-dollar club last month.
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Digital mining refers to the use of high-powered computers to generate new units of the…