Preview
08 Jun 2022
Mixed performances among mining stocks
Most mining companies continue falling, but we also see some gains
Bit Mining is the best performing mining stock over the past seven days after increasing by 12%. This is a continuation of the stock's phenomenal performance over the past month, where it's up 30%. The company is building a 150 MW facility in Ohio, and the work has been progressing nicely. Source: TradingviewAfter a solid finish to May, Cipher is the worst performer over the past seven days and has declined 16%. Core Scientific continues its dreadful performance in 2022 and is down 13% over the past seven days. The company now has a self-mining hashrate of 9.2 EH/s, growing its hashrate by almost 10% in May, which is faster than most other miners.Greenidge also continues falling and is now down 76% YTD. The energy producer turned bitcoin miner owns a natural gas-fired power plant in upstate New York that powers its operation. The New York Senate recently passed a bill banning mining operations that use carbon-based fuel to power their facilities. The bill doesn't impact existing mining facilities, but it's still a significant setback for the New York bitcoin mining industry and will limit Greenidge's expansion possibilities in the state.