The US has become the dominant country for crypto mining, but that dominance isn’t reflected in the crypto mining stocks, which continue to perform poorly as the market plunges, Barrons reported.
The Cambridge Bitcoin Electricity Consumption Index (CBECI) had revealed that the US accounts for around 38% of the global Bitcoin hash rate in January 2022; much of this progress is owed to China’s outright ban on crypto mining in May 2021.
This ban led to crypto miners flocking to the US. However, the growth isn’t doing much for shares of crypto mining companies in the country.
Crypto miner stocks are down
Marathon Digital Holdings (MARA), the largest publicly listed crypto mining company, has seen the value of its stock drop from as high as $32.89 to the current $11.09.
This month alone, the value has dropped by 46.94%, while its value has declined by 66.28% on the year-to-date metric.
Riot Blockchain Inc (RIOT) has also lost 66.49% YTD and currently trades at $7.26, shedding $15.
We współpracy z: https://cryptoslate.com/growth-in-us-bitcoin-mining-does-not-reflect-in-stocks-performance/
