May 9th 2022
Bitcoin mining stocks continue bleeding
Mining investors probably wish they had simply bought bitcoin instead at the beginning of 2022, as most bitcoin mining stocks have underperformed bitcoin by a wide margin.
Source: Tradingview (Nasdaq)
All the five largest mining stocks by market cap have more than halved since the start of the year. The biggest loser is Riot, which is down 65% YTD. Marathon follows behind with a 63% loss.
If we include the ten biggest public bitcoin mining companies, the best performer is CleanSpark, down 41%, telling us how horrible 2022 has started for the whole sector.