The present progressive (continuous) asks if we are currently hoping for a miracle. You could also use the present interrogative: Do you hope for a miracle? It is probably more common to use the present progressive in such questions.
Ceremoniar, the sentence is in the thread heading. It's "Are you hoping for a miracle? "
Owlman5, I know that usually we don't use "hope" in continuous, as well as "believe", "think", "love" and others. But if we do use them it gives a sententence something specific. Annoying for example (You're always believing all the bullshit he says!")
Well, Neuromance, I would say that the question has been asked this way in order to emphasize the continuous presence of hope in somebody's life. This is really common: My wife has cancer. We're hoping for a miracle, but we don't expect her to live. That is, we continue to hope though we think that she will die.