It’s been a rough week for bitcoin mining stocks, as nine out of the top ten publicly listed miners have seen declines ranging from 2.07% to 19.65%.
Bitcoin Mining Stocks Take a Dive – But Monday Could Change the Game for These Players
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This Week Applied Digital Leads Declines in Bitcoin Mining Sector, Hut 8 Only Gainer
With just two days to go before the U.S. election, crypto markets are heating up with volatility. Bitcoin mining stocks have taken a hit this week, with data from bitcoinminingstock.io showing that by Friday, seven out of the top ten publicly listed miners recorded losses. The largest player by market capitalization, MARA (Nasdaq: MARA), experienced a 5.57% drop last week, bringing its total valuation to $4.74 billion. This places MARA’s market cap at about 16.48% of the combined $28.77 billion valuation for the 30 major bitcoin mining stocks.
This week has been rough for mining stocks: Core Scientific (CORZ) slipped 2.54%, Riot Platforms (RIOT) dipped 2.07%, and Cleanspark (CLSK) tumbled 9.35%. The steepest drop came from Applied Digital Corporation (APLD), which fell 19.65% over the past five days. In a bright spot, Hut 8 Corporation (HUT) was the only gainer among them, rising 7.52%. Year-to-date, MARA, RIOT, and CLSK have faced losses of 31.42%, 38.98%, and 6.39%, respectively. Terawulf (WULF), however, is up more than 158% since the beginning of 2024.
Northern Data, Cipher Mining, Iris Energy, and Hut 8 have also posted gains so far this year. The week’s downturn for the top ten publicly-listed mining stocks cut deeper than bitcoin’s performance, as BTC remains 0.7% higher over the same seven-day stretch. Similarly, Coinbase’s stock (COIN) saw a 14.28% dip over the past five days, while Microstrategy (MSTR) shares slid just over 6%. Year-to-date, however, COIN is up 5.7% and MSTR a much larger 231%.
Meanwhile, Canaan’s recent deal with Cleanspark sent CAN shares up 28.72% over the five day span, and Bitdeer, following an update on its Seal miner technology, saw a 3.98% increase last week. As the crypto market starts the new week, the uncertainty surrounding mining stocks lingers. It’s anyone’s guess what happens with these stocks come Monday when markets convene, but one thing’s clear: the volatility is far from over, keeping everyone on their toes.
