general

Bitcoin miners stock prices falter after the massive decline recorded in the crypto market

Bitcoin miners stock prices falter after the massive decline recorded in the crypto market

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer Bitcoin miners stock prices falter after the massive decline recorded in the crypto market

Bitcoin miners have continued to fall so far in 2022 after the bitcoin price fell, and the blockchain company, Riot, was the biggest loser.

Bitcoin Mining Stocks Fall:

in Tweet Published by Arcane Research analyst Garan Millrod on Wednesday, May 11, 2022, data showed that five of the largest mining stocks by market capitalization fell, with losses of more than 50%.

Marathon Digital Holdings is down 62% since the start of the year, with Hut8 shares plunging 63%.

According to Arcane Research data, Riot suffered its biggest loss since the start of the year at 65%.

Read:Italian banks prepare to test the digital euro

Part of the reason for the losses, according to analyst Millrod, is that most mining companies own bitcoin, which means they are affected by the value of bitcoin.

The largest cryptocurrency by market capitalization has lost more than 60% of its value since the highest level recorded in November 2021.

Currently, Bitcoin is struggling at $27,000, having lost from $14,000 last week.

At the same time, the decline in the price of Bitcoin reduced the revenue of miners.

Millrod noted that while the decline in the price of Bitcoin may also cause the global hash rate to decline, the situation is different in 2022.

The hash rate recently charted a new all-time high.

According to the same analyst, Millrod, the decline in the price of bitcoin and the rise in the global hash rate has caused companies to mine less bitcoin.

Millrod added:

Most of these companies have not increased their hashrate as quickly as investors had hoped.

Investors may have adjusted their growth assumptions for these companies to more conservative areas.

Read also:

Read:Hackers steal $3.4 million in GMX cryptocurrency

Bitcoin falls below 28 thousand dollars and Ethereum below two thousand dollars with liquidation of more than 1.2 billion dollars

Coinbase warns its users that it may keep their digital assets in the event of bankruptcy



And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
Gemini denies rumors of 100,000 Bitcoin loan and involvement in Terra massive sale
Next post
Bitcoin falls below 28 thousand dollars and Ethereum below two thousand dollars with liquidation of more than 1.2 billion dollars