Why Crypto Miners Cleanspark, Hut 8, and Bit Mining Plunged This Week
As of 8 a.m. ET, top cryptocurrency miners Cleanspark (NASDAQ: CLSK), Hut 8 Mining (NASDAQ: HUT), and Bit Mining (NYSE: BTCM) have seen declines of 12.8%, 12.7%, and 10.1% since Friday's close.
These declines essentially mirror the decline in the price of Bitcoin, which dropped approximately 12% over the past week. Because crypto miners are price takers in a volatile crypto market, their valuations tend to correlate very highly to the moves in the value of Bitcoin.
Some of this week's move has been the result of geopolitical instability in key Bitcoin mining markets. Specifically, in Kazakshtan, which currently is the second-largest Bitcoin mining market outside the U.S., political protests demanding action on surging energy costs has many concerned that increased regulatory headwinds could prevail for the crypto mining space.
Source Fool.com
