Bitcoin Mining Stocks Surge: Applied Digital Skyrockets 22%

# Bitcoin Mining Stocks Surge, Led by Applied Digital's Rally Bitcoin(BTC) mining-related stocks saw a notable increase on October 16 (local time), with Applied Digital Corporation at the forefront, soaring 22.18% by the market's close. This significant rise showcases the resilience of these equities amidst the inherent volatility of the sector. # Volatility Becomes Opportunity: Bitcoin Mining Stocks on the Rise According to Bitcoin.com, Applied Digital recorded the largest daily gain among Bitcoin mining stocks on October 17, increasing over 22% to close at $6.83. Bitdeer Technologies Group followed with a 10.63% rise to $15.19, while Hut 8 Corp. increased by 9.95%, closing at $17.13. Other noteworthy performers included Iris Energy, which rose 8.52%, and Riot Platforms, which increased by 5.17%. CleanSpark, Marathon Digital Holdings, and Galaxy Digital also saw modest gains, while Northern Data stayed relatively flat. For the week, Applied Digital exhibited the highest gains, surging 28.62% over five trading days. Iris Energy climbed nearly 12% last week, and Galaxy Digital gained 11.29%. Hut 8 saw a weekly rise of 10.37%, and Core Scientific rose by over 9%. Bitdeer Technologies, Riot Platforms, and Northern Data recorded moderate weekly increases of 5–7%. # Year-to-Date Performance Diverges Across Mining Stocks Despite the recent strong performance, 2023 has been mixed for Bitcoin mining equities. Northern Data has struggled, down 38.42% year-to-date, marking it as the worst performer in the group. Bitdeer is down about 30%, while Core Scientific has declined by 23.27%. Hut 8, Iris Energy, Riot Platforms, and Applied Digital also remain in negative territory year-to-date. On the contrary, Galaxy Digital has stood out as a top performer, up 29.26% year-to-date, securing its position as the group's best-performing stock. CleanSpark also registered a positive year, climbing 6.18% so far. The combination of short-term rallies and year-to-date losses highlights the lingering effects of high volatility earlier this year, as the market continues to undergo a phase of recalibration.