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Stock Prices of Bitcoin Mining Companies Tumble Amid Broader Market Downturn

Bitcoin mining stocks have continued to plunge so far in 2022 following BTC’s price plummet, with Riot Blockchain being the biggest loser.
Bitcoin Mining Stocks Plunge
In a tweet thread by Arcane Research analyst Jaran Mellerud on Wednesday (May 11, 2022), data showed that five of the largest mining stocks by market capitalization took a dip, with year-to-date (YTD) losses of more than 50%.
Marathon Digital Holdings is down YTD 62%, with Hut8 a step higher at 63%. According to the Arcane Research data, Riot suffered the biggest YTD loss at 65%.
Part of the reason for the losses, according to Mellerud, is that most of the crypto mining companies hold bitcoin, which means that they are affected by BTC’s value. The largest cryptocurrency by market cap has lost more than 60% of its value since the ATH in November 2021. Right now, BTC is struggling at $26,000, as it has dumped by $14,000 in the past week or so.
Meanwhile, the BTC price slump has consequently led to less revenue for mini

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