Pure-play bitcoin mining companies such as Marathon Digital Holdings (MARA) and CleanSpark (CLSK) have recently experienced significant stock price increases as bitcoin approaches $118,000. Investors appear to be anticipating a strong year-end rally for bitcoin, aligning with historical trends where Q4 historically shows bullish returns. The resurgence of pure-play miners comes at a time when many investors are shifting their focus from the high-performance computing (HPC) and artificial intelligence (AI) sectors, which have seen large gains. MARA and CLSK are among the top holders of bitcoin, and their stock rises are indicative of potential leverage on bitcoin's upward momentum. This shift is being influenced by broader market conditions and the Federal Reserve's recent interest rate cuts, prompting a reevaluation of where capital is allocated within the mining sector.

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