Bitcoin’s price plummeted to around 46,000 dollars on 13/12/21. This bought down the stocks of crypto miners to where they were in early October.
All crypto mining shares were down, including Bitfarms, down over 9 percent. Its contemporaries Cipher Mining and Argo Blockchain dropped over 7 percent. Several miners’ stocks declined over 4 percent on that day, including Hut 8 Mining, Hive Blockchain, Riot Blockchain, and Marathon Digital.
Marathon Digital, a major bitcoin miner, has lost nearly fifty-one percent of its value since it peaked on 9th November. As per statistics from TradingView, their market valuation was over 7.6 billion dollars at the date. On 13th December, it had dropped to almost 3.8 billion dollars, which shows a drop of about fifty percent in valuation.
Greenidge Generation, another bitcoin miner, performed the best to beat its competitors on 13/12. Its shares climbed roughly 1.4 percent. But lately, they have witnessed a steep drop when US Senator Elizabeth Warren raised reservations about their ecological impact. Nevertheless, since miners’ stock prices are linked to the actual price of cryptocurrencies, a few of their stocks are still up compared to last year. Ether is over 414 percent and Bitcoin over 59 percent as of now.
Despite the prolonged downturn, several experts remain optimistic about the miners’ prospects. They pointed out that the Bitcoin price drop could assist impede their network’s overall hash rate restoration. Crypto mining is still “highly attractive” since Bitcoin prices are about 50,000 dollars right now.
JPMorgan recently launched a study on Iris Energy, a bitcoin miner. On 13th December, the latter’s stock was down roughly six percent. JPMC analysts have since shown that buying its shares is an affordable method to exploit the miners’ slump.
