Bitcoin miners fall in October with only Riot, Galaxy, Core Scientific posting gains

by CryptoExpert
fiverr



Bitcoin mining stocks have showed mixed results this October, with many falling more than Bitcoin, which has also recorded a modest 4.5% drop so far.

TickerSept. 30 ($)Oct. 10 ($)Gain/Loss (%)Company NameRIOT7.427.744.3Riot PlatformsGLXY17.3617.702.0Galaxy DigitalCORZ11.8611.970.9Core ScientificSATO0.250.24-4.0Sato TechnologiesCIFR3.873.67-5.2Cipher MiningMARA16.2215.23-6.1Marathon Digital HoldingsDMGI0.490.46-6.1DMG Blockchain SolutionsHIVE3.132.91-7.0HIVE Digital TechnologiesCLSK9.348.66-7.3CleanSparkSLNH3.132.88-8.0Soluna HoldingsMIGI1.241.13-8.9Mawson InfrastructureHUT12.2611.12-9.3Hut 8 MiningBITF2.221.79-19.4Bitfarms

Co-founder of Power Mining Analysis, Anthony Power, highlighted that the only positive performers are Riot Platforms (RIOT), which increased by 4.3%, rising from $7.42 to $7.74. Galaxy Digital (GLXY) saw a 2% uptick, moving from $17.36 to $17.70, and Core Scientific (CORZ) edged up 0.9%.

On the downside, Bitfarms (BITF) declined 19.4%, falling from $2.22 to $1.79. Hut 8 Mining (HUT) decreased 9.3%, and Mawson Infrastructure (MIGI) dropped 8.9%. Other companies like Soluna Holdings (SLNH) and CleanSpark (CLSK) also experienced losses.

Binance

Bitcoin’s price fell 4.5% during the same period, starting at $64,311 and reaching approximately $61,401 as of press time. This decline impacts mining companies’ profitability, as their revenues are closely tied to Bitcoin valuations. The Bitcoin halving in April, which reduced mining rewards by half, may also influence miners’ operational strategies and financial performance.

Further, internal business, including corporate management issues and operational efficiency, are beginning to play a larger part in shaping the market’s perception of miners, as competition in the industry has never been greater.



Source link

You may also like