Why Cryptocurrency Mining Stocks Took a Hit This Week

It was an eventful week for cryptocurrency mining stocks, with both Riot Blockchain (NASDAQ: RIOT) and Bit Digital (NASDAQ: BTBT) giving operational updates. For its part, SOS Limited (NYSE: SOS) announced a financing arrangement, one that stands in stark contrast to how CleanSpark (NASDAQ: CLSK) does business.

However, with the price of Bitcoin falling in recent days, all of these cryptocurrency mining stocks were down for the week. From the close of the market last Friday to the close of the market on Thursday, Riot Blockchain stock was down 24%, Bit Digital stock was down 17%, SOS stock was down 19%, and CleanSpark stock was down 20%, according to data from S&P Global Market Intelligence.

Image source: Getty Images.

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Source Fool.com