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Bitcoin mining stocks fall as Hut 8 bucks the trend

Bitcoin mining stocks fall as Hut 8 bucks the trend

GrafaGrafa2024/11/05 14:00
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) mining stocks faced a challenging week, with seven of the top ten publicly listed miners recording losses.

According to bitcoinminingstock.io, the largest market player, MARA, dropped 5.57%, bringing its valuation down to $4.74 billion, which now accounts for roughly 16.48% of the combined $28.77 billion market cap of the top 30 mining stocks.

Among the top ten miners, Core Scientific (CORZ) slipped 2.54%, Riot Platforms (RIOT) decreased 2.07%, and Cleanspark (CLSK) saw a more significant drop of 9.35%.

The sharpest decline came from Applied Digital Corporation (APLD), which fell 19.65% over the week.

The only exception was Hut 8 Corporation (HUT), which rose 7.52%, making it the sole gainer.

Year-to-date performance shows mixed results in the sector.

While MARA, RIOT, and CLSK have faced declines of 31.42%, 38.98%, and 6.39%, respectively, Terawulf (WULF) has surged by over 158% since the start of 2024.

Additional gains were also seen this year by Northern Data, Cipher Mining, Iris Energy, and Hut 8, reflecting resilience among some mining companies despite recent downturns.

The week’s decline for mining stocks contrasts with Bitcoin’s steadier performance, which posted a modest 0.7% increase over the same seven-day period.

In related stocks, Coinbase (COIN) dropped 14.28%, and Microstrategy (MSTR) fell by over 6%, though both show positive growth year-to-date, with COIN up 5.7% and MSTR up 231%.

Meanwhile, Canaan’s recent collaboration with Cleanspark boosted CAN shares by 28.72% over five days, while Bitdeer’s update on its Seal miner technology led to a 3.98% gain last week.

At the time of reporting, the Bitcoin (BTC) price was $67,741.40.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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