Bitcoin mining stocks have had mixed results this October, with many falling more than Bitcoin, which has also posted a modest 4.5% decline so far.
TickerSeptemberOctober 30($) 10 ($)Profit/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 – 6.1 Marathon Digital HoldingsDMGI0.490.46-6.1 DMG 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 BITF2.221.79-19.4 Bitfarms
Anthony Power, co-founder of Power Mining Analysis, highlighted that the only positive performer was Riot Platforms (RIOT), which increased by 4.3% from $7.42 to $7.74. Galaxy Digital (GLXY) rose 2% from $17.36 to $17.70, while Core Scientific (CORZ) rose 0.9%.
On the downside, BitFarms (BITF) fell 19.4%, falling from $2.22 to $1.79. Hut8 Mining (HUT) fell 9.3% and Mawson Infrastructure (MIGI) fell 8.9%. Other companies such as Soluna Holdings (SLNH) and CleanSpark (CLSK) also suffered losses.
Bitcoin price fell 4.5% during the same period, starting at $64,311 and reaching approximately $61,401 at the time of writing. This decrease will impact the profitability of mining companies, as their revenues are closely related to Bitcoin’s valuation. The halving of Bitcoin and the halving of mining rewards in April may also have an impact on miners’ operational strategies and financial performance.
Additionally, as the industry becomes more competitive than ever, internal business, including corporate management issues and operational efficiency, are starting to play a larger role in shaping the market’s perception of miners.
