Seeking Alpha
2022-01-09 15:24:00

Crypto miners wrap up Q4 with robust mining growth even as bitcoin slumps

A large chunk of cryptocurrency miners including, Marathon Digital (NASDAQ:MARA) Riot Blockchain (NASDAQ:RIOT) Hut 8 Mining (NASDAQ:HUT) and Bitfarms (NASDAQ:BITF), finish 2021 on a strong note, with expanding crypto production and hash rates even as digital currencies trade in a broad, nearly 3-month decline. These crypto miner stocks, with the exception of MARA and RIOT, gain at least triple digit returns in the past year. However, the group shed at least 25% of gains in the past month. Recent macro factors, including Kazakhstan riots and internet blackout and the Federal Reserve's hawkish pivot triggered a decline in bitcoin and a selloff in other risk assets as well. One of the more notable crypto miners, Core Scientific, which is expected to go public through a merger deal with special purpose acquisition company Power & Digital Infrastructure Acquisition (NASDAQ:XPDI), mined 1,044 BTC in December - the largest sum compared with peers. This represents a 313% increase

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer