Bitcoin mining stocks have drastically collapsed since November following the effect of the hashrate’s 23% growth and bitcoin’s downtrend on the miner’s rewards. Mining Stocks Sharp Decline Arcane Research data shows that the largest bitcoin mining stocks have collapsed since November after being caught up in the market’s volatility. The miner giant Marathon Digital Holdings’ (MARA) stock first plummeted on November 9th falling from over $81 to $79, followed by more dramatic drops and little upward movement. MARA is at $28,63 at the time of writing, a 66% drop since November. The other large miner Riot Blockchain (RIOT) has gone from its November high of $45,97 to $19,73 at the time of writing, a 55% drop. Meanwhile, Core Scientific (CORZ) plummeted from $14,5 in November to a low of $6,99 mid-January but recovered over 70% of its value in February now trading at $10,54 with a positive response from investors to production and operations updates. Related Reading | Intel Announces Mining Chips’ First Clients: BLOCK, Argo Blockchain, and GRIID On the other hand, following bitcoin’s slight recovery in January, MARA saw an increase of 33%, and RIOT jumped 34% from its low points. The Arcane Report notes a possible underestimation of the bitcoin mining industry back in November. Investors might have overseen how the industry’s new capacity would make it more competitive. This factor pl...
