Bitcoin Mining Stocks Plummets as Revenue Slumps

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Bitcoin Mining Stocks Plummets as Revenue Slumps – Crypto News

Published

2 years ago

April 30, 2024

Dripp

Bitcoin mining stocks have plunged in the last few days as expected following dwindling Runes steam. Several public Bitcoin (BTC) miners posted losses in the previous 48 hours due to multiple factors.

First, the reduction in the Runes frenzy which Bitcoin miners turned to after the halving and industry factors like the falling prices of cryptocurrency assets. Bitcoin mining companies passed through several phases in preparation for certain post-halving realities leading many analysts to support a reversal of fortunes.

Bitcoin Mining Companies Record Losses

Ki Young Ju, the founder of on-chain analytics firm CryptoQuant wrote on X (formerly Twitter) on declining mining revenues. According to the post, revenues have dropped to levels recorded in early 2023 after the halving.

This drop in figures can cause miners to capitulate or wait for better numbers in the price of Bitcoin. Young Ju added that there are no signs of capitulation for now possible due to pre-halving positions.

Marathon Digital (MARA) trades at $16.88, a 6% decline in the last 24 hours. As Bitcoin price correction continues, the asset has also plunged over 11% this week. These figures also wiped out monthly gains into the asset.

Canadian-based miner Hut 8 (HUT) also recorded a stock decline. The asset trades at $10.9 falling 4% in the last 24 hours and 16% this week. CleanSpark (CLSK) is down 5.3% today trading at $17.6. The Bitcoin mining firm’s outflows have seen weekly losses go over 15% and pre-halving gains wiped out.

Bitcoin Price Trigger Outflows

While the Bitcoin mining firm’s record losses due to the impact of the halving and declined Runes volumes, the core reason behind recent figures remains the plunging price of Bitcoin. Historically, BTC price affects the mining stocks as miners earn from asset sales.

Bitcoin trades at $60,899 and occasioned declined sentiment in mining stocks at the start of Q2 2024. The low prices of BTC have also seen institutional investors lose momentum in the market.

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