Bitcoin mining equities fell approximately 10% shortly after market open on Monday as the price of bitcoin dropped significantly. The decline coincided with reports regarding the forced closure of cryptocurrency mining operations in China.
Bitcoin dropped from $89,474 to $87,024.78 in less than one hour during the morning session. This volatility triggered a broad selloff among major publicly traded bitcoin mining stocks.
Reports also surfaced today that the CCP has renewed its crack down on bitcoin mining, forcing anywhere from 1-2 GW of bitcoin mining operations to shut down in Xinjiang. Sources say this equates to 100 EH/s of bitcoin mining hashrate, or 1/12th of the entire network’s computing capacity before the crack down.
With regard to losses among publicly traded bitcoin miners, CleanSpark (NASDAQ: CLSK) recorded the steepest decline among the reporting group. Shares of CleanSpark fell 13.83% to trade at $12.09. TeraWulf (NASDAQ: WULF) followed closely with a significant pullback. Shares decreased 12.56% to $12.53.
Cipher Mining (NASDAQ: CIFR) retreated as the broader sector faced pressure, falling 12.46% to $14.93. IREN (NASDAQ: IREN) shares lost 9.59% to $36.28, Riot Platforms (NASDAQ: RIOT) dropped 6.99% to $14.23, and MARA (NASDAQ: MARA) fell 6.81% to trade at $10.74.
Galaxy Digital (GLXY) experienced a moderate decline compared to its peers, with shares sliding 5.05% to $25.40. Core Scientific (NASDAQ: CORZ) showed the most resilience among the tracked mines, only falling 4.78% to $15.74.
Header photo by Maxim Hopman via Unsplash
