Bitcoin mining stock report: Companies suffer double-digit drops as US equities fall

Mining • May 9, 2022, 6:46PM EDT
theblock

Crypto miner stocks fell by double digits during Monday's trading session. 

Core Scientific, Marathon and Riot saw their stocks go down 13.15%, 19.20% and 19.18%, respectively.

Some of these companies have held on to a large sum of the bitcoin they mine instead of selling it, following a HODL (or hold on for dear life) strategy, which means their assets are closely tied to the current value of bitcoin.

According to its latest April production update, Core Scientific reported having a total of 9,618 BTC by the end of the month. Marathon said it had 9,673 and Riot 6,320 BTC.

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Riot, which typically tends to keep its bitcoin, sold half of bitcoin mined last month after a 150% month-over-month production increase. The company also recently announced a massive expansion plan which includes a facility in Texas of up to 1 gigawatt (GW) .

Here is a look at how other crypto mining companies faired in the markets on Monday, May 9:

 

 

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).