Bitcoin (BTC-USD) has gone on an impressive run over the past two weeks, rallying 38%. In fact, the cryptocurrency looks like it may be on its way back to $30,000. Not only is that great news for BTC investors, but it’s also a solid catalyst for crypto miners. That’s because mining revenue depends on the direction of bitcoin. Where bitcoin goes, crypto mining stocks typically follow.

Even better, there are predictions bitcoin could see $100,000 this year.  That’s what Marshall Beard, chief strategy officer at cryptocurrency exchange Gemini, told CNBC. As the article notes:

Part of the industry’s positive view on bitcoin right now actually stems from how the asset has performed during the banking turmoil sparked by the collapse of Silicon Valley Bank and the failure of two crypto-friendly lenders Silvergate Capital and Signature Bank.

Instead of crashing, bitcoin rallied.

Bitcoin proponents say this is evidence that bitcoin is offering an alternative to the traditional banking system as a place for people to keep their money safe.

If bitcoin can push higher, so will these top crypto miners and related exchange-traded funds (ETFs).

ProShares Bitcoin Strategy ETF (BITO)

On March 15, I highlighted an opportunity in the Pro Shares Bitcoin Strategy ETF (NYSEARCA:BITO) as it traded around $15 a share.  It closed Friday at $17.16, up 14% in just seven trading days and close to my initial price target of $17.50. From here, I’d like to see BITO refill its gap around $22.50, which is roughly 31% above the current price.

The ETF tracks the performance of spot bitcoin and was the first bitcoin-linked ETF launched in the U.S. It is also the world’s largest and most actively traded cryptocurrency ETF, according to ProShares.

By mimicking the price of bitcoin as closely as possible without investing in the cryptocurrency itself, BITO offers exposure to bitcoin combined with the ease of investing in an ETF. As noted by Money.com, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency wallets and private keys but can instead invest through a broker they already use.”

 BITO has an expense ratio of 0.95%.

Global X Blockchain & Bitcoin Strategy ETF (BITS)

Global X Blockchain & Bitcoin Strategy ETF (NASDAQ:BITS) is another crypto ETF I highlighted recently. Since my March 15 article, BITS is up nearly 11% and could see its shares continue to run.

According to Global X, BITS “takes long positions in U.S. listed bitcoin futures contracts and invests, directly and/or indirectly, in companies positioned to benefit from the increased adoption of blockchain technology. BITS will not invest directly in bitcoin, and it currently delivers exposure to blockchain companies through other ETFs, including the affiliated Global X Blockchain ETF (NASDAQ:BKCH).”

BKCH counts a number of the crypto miners on today’s list among its top holdings.

BITS has an expense ratio of 0.65%.

Marathon Digital (MARA)

Moving on from ETFs to individual crypto miners, Marathon Digital (NASDAQ:MARA) “is building one of the largest bitcoin mining operations in North America,” according to the company.

The crypto miner’s shares have tracked the price of bitcoin higher, jumping 46.5% over the past two weeks to trade at $7.81. If the stock can break above resistance around $9.57, we could see it run back to $12. That would be a gain of more than 50% from current levels.

The company’s most recent earnings were nothing to write home about. However, last month, Marathon Digital managed to increase its average bitcoin produced per day by 10% over January.  It produced 683 bitcoin in February and “successfully energized nearly 19,000 Bitcoin miners across multiple facilities.”

Finally, it increased its hash rate 30% month over month to 9.5 exahashes per second (EH/s).

Riot Platforms (RIOT)

Riot Platforms (NASDAQ:RIOT) is another one of the leading crypto miners that has run up sharply since mid-March, with shares rallying 63% to $8.63. If the stock can break above $10.52, it could see $15 shortly thereafter, which is nearly 74% above the current price.

According to the company’s February production and operations update, it produced 675 BTX, up 55% year over year. As of Feb. 28, Riot held 7,058 BTC. And that was after selling 600 BTC last month and netting approximately $14.2 million for them. Additionally, Riot’s fleet of more than 87,000 miners had a hash rate capacity of 9.8 EH/s.

“February was another month of operational excellence for Riot, during which we produced 675 Bitcoin in the shortest month of the year, and despite one of the largest increases in mining difficulty in recent history,” said Riot Chief Executive Officer (CEO) Jason Les. “We have also continued to make progress on repairs to our immersion buildings, including Building G, where we now anticipate a return to full operations by the second half of 2023. Once achieved, this will bring back 1.9 EH/s of hash rate currently offline and not included in our reported hash rate capacity.”

This additional capacity could prove to be another positive catalyst for RIOT.

Bit Digital (BTBT)

Shares of bitcoin miner Bit Digital (NASDAQ:BTBT) are up 40% over the past two weeks to trade at $1.40.

In February, Bit Digital produced 108.2 bitcoins. While this was down 19% from January, the company noted that the decrease was due in part to the fact that there are fewer days in the month. It had 13,645 active bitcoin miners at the end of February with a rash rate of 1.30 EH/s.

Bit Digital noted that the fair market value of its 696.5 BTC holdings stood at approximately $16.1 million on Feb. 28, while its 7,332.6 Ethereum (ETH-USD) tokens had a fair market value of around $11.8 million. And keep in mind that this was prior to the latest run-up in the crypto sector. 

Back in October, InvestorPlace contributor Josh Enomoto pegged BTBT as a good buy for young investors, noting that it enjoyed a stable balance sheet and no debt, which should help the company withstand volatility in the crypto sector.

HIVE Blockchain (HIVE)

HIVE Blockchain (NASDAQ:HIVE) is another one of the top crypto miners to consider. After finding support at around $2.25, shares have jumped more than 30% in the past two weeks to $3.12, where they are consolidating. From here, I’d like to see the stock challenge overhead resistance around $4.25 initially. That is 36% above the current price.

HIVE produced 250 bitcoin in February with an average hash rate of 2.75 EH/s.  The company also noted it hit its 3 EH/s target by mining at a full capacity of 3,080 PH/s. And it closed the month with 2.81 EH/s of mining capacity.

“Our team has focused on profitability, with 25% gross mining margins in our recent fiscal quarter for the 3 months ending December 31, 2022,” said Executive Chairman Frank Holmes. “We seek to optimize our profit from gross mining margins, on a monthly basis, by optimizing the efficiency of our operating fleet, and strategically curtailing or grid balancing.”

Hut 8 Mining (HUT)

Last up on our list of crypto miners to consider is Hut 8 Mining (NASDAQ:HUT). As with the other names on today’s list, it has rebounded sharply over the past two weeks, rising 38%.

While earnings haven’t been so hot in recent quarters, I expect them to improve along with the price of bitcoin.

The company’s revenue decreased by 13.3% to $150.7 million in 2022. Yet, the amount of bitcoin it mined increased 28.1% to 3,568 “due to an increase in hashrate from the expansion of the Company’s fleet of miners and mining activities.”

Investors can expect HUT to continue trading higher with the price of bitcoin if this rally holds.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.