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Bitcoin mining equities experienced a downturn today as the wider market responded to a third consecutive day of declines for Bitcoin.
Numerous significant miners are incurring double-digit losses, with Bitfarms ($BITF) at the forefront, dropping over 18%. Riot Platforms ($RIOT) and Marathon Digital Holdings ($MARA) also faced steep declines of 10%–11%, while Hut 8 and Strategy trailed with minor falls.
The setback has dampened the momentum miners enjoyed over the previous months, as robust BTC prices and increasing hash rates propelled the sector to multi-year peaks.
Despite the challenging day, a significant portion of the Bitcoin mining sector remains firmly in the green over the week, with entities such as Applied Digital and Cipher Mining witnessing 3-4x increases in the past year.
According to bitcoinminingstocks.io (image below), a large number of bitcoin mining industry’s stocks concluded the day in the negative, some by more than 10%.
Bitcoin mining equities typically track bitcoin’s direct pricing movements. Today, bitcoin fell into the $107,000 range, causing several BTC mining equities to finish in the negative.
This price movement follows a tumultuous fortnight that witnessed over $19 billion in leveraged positions liquidated, forcing more than 1.6 million traders out of their holdings as cascading margin calls occurred across exchanges. Investors are monitoring closely to determine if miners can stabilize or if additional BTC weakness will cause further distress across the sector.
Earlier this week, Bitcoin mining equities extended their multi-month surge, elevating the sector’s total market capitalization above $90 billion — over double from two months ago. Bitdeer Technologies spearheaded gains with a 30% spike after announcing a 32.9% rise in realized hashrate and mining 452 BTC in September.
Crypto equities faced significant losses as well
Crypto-related shares were in the negative Thursday as selling pressure affected the sector broadly. Coinbase (COIN) dipped 1.8% to $330.25, prolonging its recent descent alongside the wider crypto market.
Robinhood (HOOD) also declined 2.0% to $131.44 as risk appetite among retail investors continued to diminish. Strategy (MSTR) decreased by 4.3% throughout the day.
Bitcoin miners are companies that conduct extensive bitcoin mining operations — many powered by renewable resources — where they authenticate transactions and earn bitcoin rewards. Their profitability significantly hinges on bitcoin’s price, mining efficiency, and energy costs.
In recent times, several have started diversifying by repurposing their computing infrastructure for artificial intelligence and other high-performance data center applications.
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